Learning from last Week: (click here for the previous post)
Patterns:
Bulls follow up last weeks 'High Wave' candle (indicating confusion) with an Engulfing Green Candle #W1. Price clears 8252 and closes inside the Week Channel.
Support & Resistance:
Bottom Tyne of the Fork on the Day Chart #D1 was resistance. The Daily 50 SMA was support #D1.
Moving Averages:
The critical 5 EMA, is Bullishly above the 13 SMA, all the above screens.
Indicators:
The TRD #M2, is above the mid point (50% Fibonacci).
Wrap:
Bulls slip into the Week Channel with an Engulfing pattern #W1. Bears defend entry into the fork #D1.
Looking Forward into this Week:
Patterns:
After the Pullback to the Weekly Channel bottom (Study Links here, here or elsewhere), Bulls create the possibility of the 'Three Outside up' (Study Links here, here or elsewhere) on the Medium Term Screen #W1.
Support & Resistance:
Resistance is again at the bottom Tyne of the Fork #D1. Index has support around the monthly Pivot (8171) #M1.
Moving Averages:
A Golden Cross (50 and 200 SMA) is active on the day chart #D1.
Indicators:
The STS staying in the over sold, is power to the Bulls #W2.
Wrap :
Bulls, plan to close above 8328 for this week and make a 'Three outside up' on the Week chart #W1. Bears want to use the resistance at the Fork and get below the daily 50 SMA #D1.
