Learning from last
Week: (click here for the previous post)
Patterns:
Patterns:
- Index has ranged this month about the monthly pivot, between the 5 EMA and 13 SMA #M1.
Support &
Resistance:
- 50 SMA on the weekly screen #W1 was again resistance. The rising channel on the day screen was broken and the daily 50 SMA was support #D1.
Moving Averages:
- The critical 5 EMA, is now bullishly above the 13 SMA, only on the Week screen #W1.
Indicators:
- The TRD #M2, is facing resistance at the mid point (50% Fibonacci).
Wrap:
Pullback to Week
Channel bottom #W1 and Throwback to Day channel top #D1, produces a trading range, Index ranges in it with a downward bias.
Looking Forward into
this Week:
- 'Evening Doji Star' (Study Links here, here or elsewhere) has been active on the Medium Term chart #W1.
Support &
Resistance:
- Resistance is at 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)' #W1. Support is at the (red) Day Channel Top #D1.
- A Death Cross (50 and 200 SMA) is active on the day chart, gap between these MAs is reducing, pointing to a possible Golden Cross #D1.
Indicators:
- The MACD deflecting below and off its MA with its histogram below the zero line, is good for Bears #D2.
Wrap :
