Learning from last Week: (click here for the previous post)
- Bulls again fail to reach a higher high, but move up above the Day Channel's Bottom line - now showing higher lows and lower highs #D1.
- March and February candles form a Bearish Harami, with April candle showing green - as of now #M1.
Support & Resistance:
- Index ran into resistance, approaching the previous High #D1, while support was at the 13 SMA on the EOD #D1.
- The all important, 5 EMA and 13 SMA, on the medium term screen, stay deflected Bullishly again last week #W1.
- RSI 13 is still in the 50s #W2.
Index makes higher lows and lower highs on the Day Chart, Bulls on top #D1.
Looking forward into this Week:
- 13 SMA on the EOW #W1, is the support that Bears should want to get below.
- Bulls look to break out of this consolidation with a break out, above 2115, the last high on the Day Charts #D1.
- With the Index above 2048, the 5 EMA and the 13 SMA on the Weekly Charts, would stay deflected Bullishly #W1.
- TSI, support at the 61.8% Fibonacci retrace, good for the Bulls #M2.
Bulls want to get out of the current consolidation, with a break above 2115 and a push to the ATH #D1.