Learning from last Week: (click here for the previous post)
Patterns:
Index moves up to a new All Time High (ATH) with help from the Medium Term 'Three Outside Up' #WeeklyChart 1. Resistance at the confluence of the Forks (Weekly and Daily charts) halts the up move #Dailychart 1.
Support & Resistance:
Daily EMA 5 was the support, while the Middle Tyne of the Fork on the Daily Chart, was resistance as expected #Dailychart 1.
Moving Averages:
The critical EMA 5, is bullishly above the MA 13, on all the above screens.
Indicators:
The STS is in the oversold #Dailychart 2.
Wrap:
Bulls use the 'Three Outside up' to get to a new ATH #WeeklyChart 1
Bears manage to stop the Bull run at the fork #Dailychart 1.
Looking forward into this Week:
Patterns:'Three Outside up' Pattern (Study Links here, here or elsewhere), is active on the Medium Term Chart #WeeklyChart 1
Support & Resistance:
Middle tyne of the Fork on the Day chart is the resistance to beat #Dailychart 1. The Daily MVWAP 34 is the first Support #Dailychart 1.
Moving Averages:
The 55 & 222 MA, is a in a 'Golden Cross' on the Day Screen #Dailychart 1.
Indicators:
TSI clears resistance at the 61.8% mark #Monthlychart 2.
Wrap:
Bulls, look at making a new and higher ATH #WeeklyChart 1. Bears seek to use the current resistance, to drive the index below the MVWAP 34 #Dailychart 1
