Learning from last Week: (click here for the previous post)
- Ascending Triangle formed with the ATH line and the Day Channel's bottom keeps index hedged in #D1.
Support & Resistance:
- Index again sees resistance near the ATH #M1 & #D1, while support was around the 5 EMA on the EOM #M1.
- The all important, 5 EMA and 13 SMA, on the medium term screen, continue to stay deflected bullishly #W1.
- RSI 13 is around the 60s now #W2.
Bulls struggle to get above the ATH #D1, while the Bears fail to make a significant lower low - position wise its still advantage Bulls.
Looking forward into this Week:
- 5 EMA on the EOM (2063) #M1, is the Index Support that Bears want to get below.
- Bulls seek to clear the ATH line, by a good margin this week #D1.
- Bulls have to close this Monday above 2113, to keep the 5 EMA above the 13 SMA on the Daily Charts #W1.
- TSI, support at the 61.8% Fibonacci retrace, good for the Bulls #M2.
Bears after defending the ATH, hope to close the week below 2063, to get back into the game.