Learning from last Week: (click here for the previous post)
Patterns:
- Bears, after triggering a long term Three Outside Down #M1 - keep the momentum going and meet up with the 76.8% Fibonacci retrace 'of the 2011 low to the ATH' shown on the Week Chart #W1.
- Bulls after a minor Pull-back to Channel bottom early in the week, and reversion to down trend thereafter, produce a weekly candle that resembles a 'High Wave' #W1.
Support & Resistance:
- Index takes support at the 76.8% Fibo retrace #W1 and the Mid Line of the Medium Term Channel.
- Resistance was around the Weekly 5 EMA, on Index Pull-back to Channel Bottom #W1.
Moving Averages:
- The critical 5 EMA and 13 SMA on the Monthly charts, are close enough for a Bullish deflection or a Bearish cross #W1.
Indicators:
- MACD makes a lower low while its Histogram ticks up #D2.
Wrap:
Bears reach the Mid-line of the Medium Term Chart after returning from the Top a couple of months ago #W1..
Bulls fight back to produce a 'High Wave' candle for last week, and close above the Wall #W1.
Looking Forward into this Week:
Patterns:
- A proper Pull-Back (Study Links here, here or elsewhere) towards the old Day Channel's green bottom, is again on the wish list, of the Bulls #D1.
- A Three Outside Down (Study Links here, here or elsewhere) #M1 is active on the long term chart.
- The High Wave candle\s effect on this week's action is worth a study (Study Links here, here or elsewhere).
Support & Resistance:
- Bulls face resistance at the Day Chart's 200 SMA #D1 and the 13 SMA (8525) on the Medium Term Chart #W1.
- Support is available, at the 76.8% Fibonacci retrace (8040) 'of the 2011 low to the ATH' and the Mid-line of the Medium Term Chart #W1
Moving Averages:
Indicators:
- Bulls hope that the TRD would take support at the 50% mark, this month #M2.
Wrap :
