Learning from last Week: (click here for the previous post)
Patterns:
- Bulls pullback to the Neckline of the Head & Shoulder (H&S) formation #W1, after bouncing off the Day Channel's Bottom previously #D1.
Support & Resistance:
- The 76.4% Fibo retrace shown on the EOW was resistance, as was the H&S Neckline #W1. The 5 EMA on the EOD was constant support #D1.
Moving Averages:
- The critical 5 EMA and 13 SMA, on the EOD, crossed over Bullishly at our mark on Monday last, and remains so by week close #D1.
Indicators:
- On the Month chart, TRD now hangs above the Fibonacci 38.2% mark #M2.
Wrap:
Bulls claim another green week and take control of the Short Term Screen #D1.
Looking Forward into this Week:
- Bearish H&S pattern reaching target #W1, remains a possibility if the Neckline is defended by the Bears (Study Links here, here or elsewhere).
- Pullback and its implications need watching (Study Links here, here or elsewhere).
Support & Resistance:
- Bulls look to take support at the 13 SMA on the EOD #D1 and break the resistance at the 76.4% Fibo retrace (8040) shown on the EOW (arrow) #W1.
Moving Averages:
- The Death Cross (50 and 200 SMA) is active and thriving #D1.
Indicators:
- The STS, staying below the oversold line, is good for Bears #W2.
Wrap :
Bulls look to maintain the bullish cross of the 5 EMA & 13 SMA #D1, and break above H&S pattern's neckline this week #W1.
Bears after applying brakes to the index at the H&S pattern's neckline #W1, seek a red week.
Bears after applying brakes to the index at the H&S pattern's neckline #W1, seek a red week.
