Learning from last Week: (click here for the previous post)
- Index peeps out of the Ascending Triangle, makes a new high, throws back to the old ATH, on its trip towards the Day Channel's top line #D1.
Support & Resistance:
- Index closes at the previous ATH (All Time High) resistance #M1 & #D1, while support was around the 5 EMA on the EOD #D1.
- The all important, 5 EMA and 13 SMA, on the medium term screen, continue to stay deflected bullishly #W1.
- RSI 13 is in the 50s #W2.
Bulls struggle to keep it above the previous ATH #D1, while the Bears could not take it below the 5 EMA on the EOD #D1.
Looking forward into this Week:
- 5 EMA on the EOM (2063) #W1, is the Index Support that Bears want to get below.
- Bulls seek to clear the ATH line #M1 and the Day Channel top line 2151 #D1, this week.
- Bulls by closing this Week above 2040, get to keep the 5 EMA above the 13 SMA on the Weekly Charts #W1.
- TSI, support at the 61.8% Fibonacci retrace, good for the Bulls #M2.
Bears after hedging in the Bulls, look for a close below 2063 to get back in the red #M1.