- Bulls Hang on to the up trend, producing a green 'Hanging Man' candle last week #W1.
Support & Resistance:
- The Daily 13 SMA, #D1,.was support and the Monthly 5 EMA #M1, was resistance. which held, until the dying hours of last week.
Moving Averages:
- The critical 5 EMA and 13 SMA, makes a Bullish cross on the Week Screen #W1.
Indicators:
- On the week charts the STS #W1, heads towards the 50 mark.
Wrap:
Pullback to Week Channel bottom progresses, Last weeks action produces a 'Hanging Man Candle' #W1..
Looking Forward into this Week:
- 'Opening Black Marubozu' (Study Links here, here or elsewhere) is active on the Long Term chart #M1.
- 'Hanging Man Candle' (Study Links here, here or elsewhere) is active on the Medium Term chart #W1.
Support & Resistance:
- Bulls aim for the resistance at 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)' and close to the Pullback target #W1.
- The monthly 5 EMA, 7578 is the support that the bears would want to close this week below #W1.
Moving Averages:
- The Death Cross (50 and 200 SMA) has been active for the past 6+ months #D1.
Indicators:
- The TRD staying above the 38.6% Fibo, for the month, helps the Bull cause #M2.
Wrap :
Bulls hope the Pullback from the Weekly 200 SMA, to the Week Channel Bottom #W1, continues.
Bear future hangs, on getting back below the Monthly 5 EMA (7858) #M1.
