Learning from last Week: (click here for the previous post)
Patterns:
Bulls look to have managed a 'Three Outside up' #W1. The Fork on the Day Chart resisted the Index last week #D1. Bulls again close inside the old Week Channel (new 'Fork' being followed now #W1).
Support & Resistance:
Bottom Tyne of the Fork on the Day Chart #D1 was resistance. The Daily 5 EMA 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).
Patterns:
Bulls look to have managed a 'Three Outside up' #W1. The Fork on the Day Chart resisted the Index last week #D1. Bulls again close inside the old Week Channel (new 'Fork' being followed now #W1).
Support & Resistance:
Bottom Tyne of the Fork on the Day Chart #D1 was resistance. The Daily 5 EMA 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 manage a medium term 'Three Outside Up' #W1.
Bears again defend entry into the fork #D1.
Looking Forward into this Week:
Patterns:
Bulls manage a '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, aim for the ATH with help from the 'Three outside up' on the Week chart #W1.
Bears want to use the resistance at the Fork and get below 8171 #M1.
