Learning from last Week: (click here for the previous post)
Patterns:
Index Closes last week, above the previous close and triggers a Medium Term 'Three Outside Up' #W1.
Support & Resistance:
Daily MA13 was the support #D1, index nears the ATH #D1.
Moving Averages:
The critical 5 EMA, is bullishly above the 13 MA, on all the above screens.
Indicators:
STS back in the oversold #D2.
Wrap:
Bulls convert the Bullish Engulfing into a Three Outside up #W1.
Bears manage to defend the ATH.
Looking forward into this Week:
Patterns:'Three Outside up' Pattern (Study Links here, here or elsewhere), is active on the Week Chart #W1.
Support & Resistance:
Mid line of the Fork on the Day chart is the resistance to beat #D1. The Daily 5 EMA is the nearest Support #D1.
Moving Averages:
The 55 & 222 MA, is a in a 'Golden Cross' on the Day Screen #D1.
Indicators:
TSI clears resistance at the 61.8% mark #M2.
Wrap:
Bulls, look at making a new ATH #W1.
Bears want to keep the action below the Middle tyne of the new fork, and close the week below the current ATH #D1.
