Learning from last Week: (click here for the previous post)
- The combination of the Big 'W' and the new Day Channel #D1, make a neat 'Cup and handle' pattern.
Support & Resistance:
- Index again took support at the Channel bottom of the Day Chart #D1 - it faced resistance at the daily 34 MVWAP #D1.
- The 5 EMA and 13 SMA, on the Weekly Screen poised to cross bearishly, with index below 2087 #W1.
- RSI 13, now back to the 50s #W2.
Bears ensure the index does lower highs #D1.Bulls keep index in the 'Handle' of the 'Cup and Handle' pattern #D1.
Looking forward into this Week:
- Day Channel bottom (pink) #D1 is support. Index Resistance is the Week Channel's Bottom line (orange) #W1,
- Death Cross on the EOD, is active as long as the 50 SMA and the 200 SMA stay crossed Bearishly (Study Links here, here or elsewhere) #D1,
- STS perks up from the over bought line #D2.
Bulls hope for rewards from the big 'W' pattern #D1, with a breakout from the ATH #M1.
Bears push for a breakdown at the handle or the Day Channel #D1..