Pivot 5079 favours LONG trades with market looking to open close to 5100 on Monday. Resistance at 5124 (04Feb) 5196 (18Dec) and 5236 (03Feb) and support at 5037 (05Feb) 5104 and 4985 (03Nov). Daily Average move over last 10 days is 90pts. Bull Target will be 5150. Bears will be looking for a break and test of 5000.
Last week, I went Long on the breakout above 5220 and short 5295 using the 15min chart indicator rules.
1. 5ema > 10ema
2. Macd Bull cross and rising
3. Stoc > 50 and rising.
Next week will be critical to see if the Weekly Charts signal SELL along with the Daily charts. We are due a bounce and I'm favouring LONG positions and Target 5220, although any close below 5060 will be the sign to go SHORT with a Target 4950.
Daily SELL signal was triggered at 5450 on Wed 20th Jan and its still on a SELL signal with Daily 5ema(5162) < 10ema(5216) < 20ema(5330). Only a move above 20ema will trigger a change to LONG trades.
Weekly SELL signal will be triggered this week if the Market fails to close above 5200. Weekly 5ema(5231) < 10ema(5261) < 20ema(5239)
Great review Sparky
ReplyDeleteZac