Learning from last Week: (click here for the previous post)
Patterns:
- Index throws back to the Ascending Triangle's Top line and slides below it, staying within the Day Channel #D1.
Support & Resistance:
- Index was resisted near the ATH (All Time High) #D1, while support was around the 13 SMA on the week chart #W1.
Moving Averages:
- The all important, 5 EMA and 13 SMA, in the medium term view #W1, continues to stay deflected bullishly.
Indicators:
- RSI 13 is in the 50s #W2.
Wrap:
Bulls fail to keep the index above the ascending triangle #D1 and lose control of the Short term screen, while the Bears could not take it below the 5 EMA on the EOM for the 4th month running #M1.
Looking forward into this Week:
Patterns:
- Ascending Triangle and its behaviour, on the Day Chart, worth a study (Study Links here, here or elsewhere) #D1.
- Bulls keep the index above the Long term 5 EMA, for the 4th month running. The last two month candles #M1, are green and resemble spinning tops (Study Links here, here or elsewhere).
Support & Resistance:
- 5 EMA on the Month Chart (2077) #M1, is the Index Support that Bears want to get below.
- Bulls seek to clear the ATH line #M1 with a clear break out from the Ascending Triangle #D1.
- Bulls by closing this Week above 2058, get to keep the 5 EMA above the 13 SMA on the Weekly Charts #W1.
Indicators:
- TSI, support at the 61.8% Fibonacci retrace, good for the Bulls #M2.
Wrap:
Bears after taking over the short term screen, look for a close below 2077 to stay in the red #M1.
