Learning from last Week: (click here for the previous post)
Patterns:
Bulls shoot up after a 'Three Outside up' #WeeklyChart1 . The Fork on the Day Chart resisted the Index again last week #DailyChart1.
Support & Resistance:
In a repeat of last week, the Bottom Tyne of the Fork on the Day Chart #DailyChart1 was resistance. The Daily 5 EMA was support #DailyChart1.
Moving Averages:
The critical 5 EMA, is Bullishly above the 13 SMA, on all the above screens.
Indicators:
The STC #MonthlyChart2, is at the 61% Fibonacci retrace.
Wrap:
Bulls profit from the a medium term 'Three Outside Up' #WeeklyChart1.
Bears again defend entry into the fork #DailyChart1.
Looking Forward into this Week:
Patterns:
'Three Outside up' (Study Links here, here or elsewhere) is active on the Medium Term Screen #WeeklyChart1.
Support & Resistance:
Resistance is again at the bottom Tyne of the Fork #DailyChart1. Index has first support at the weekly 5 EMA #WeeklyChart1.
Moving Averages:
A Golden Cross (50 and 200 SMA) is active on the day chart #DailyChart1.
Indicators:
The STS staying in the over sold, is power to the Bulls #WeeklyChart2.
Wrap :
Bulls, aim for the ATH with help from the 'Three outside up' on the Week chart #WeeklyChart1.
Bears want to use the resistance at the Fork #DailyChart1 to get below the weekly 5EMA (8330) #WeeklyChart1.
