The market closed with the bears keen and in control. The bulls showed some promise by taking out yesterday's high but lacked the commitment to close the market near there.
Once again we saw downside price rejection from the resistance area, marked in orange on the chart. The previous resistance area, marked in dark yellow, acted as support yesterday and should be watched closely again.
Triple MAs remain BULLISH.
MACD histogram remains ST bearish.
ST volatility should find support very soon. We are looking for a cyclical bottom in volatility within the next few days. This means that we should see some ST trending action. This makes any approach to the support or resistance areas of particular importance.
Volume continues to come off as the market consolidates - still nothing unusual.
Disclaimer
Terms and Conditions of Use
The information contained in this publication has been prepared with all reasonable care from sources, which we believe are reliable. The author accepts no responsibility or liability for any errors or omissions or misstatements however caused. Under no circumstances and in no event shall the author of this site liable for direct, indirect, or incidental damages resulting from the use of the information.
The author of this site may have positions in securities mentioned herein. Any opinions, forecasts or recommendations reflect our judgement and assumptions at the date of publication and may change without notice. This publication is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. We are not aware that any recipient intends to rely on this publication or of the manner in which the recipient intends to use it. In issuing this publication it is not possible to take into account the investment objectives, financial situation or particular needs of any recipient. Investors should obtain financial advice to determine whether recommendations in this publication are appropriate to their investment objectives, financial situation or particular needs before acting on such recommendations.
The author may from time to time hold positions in any securities included on this site and may buy or sell such securities or engage in other transactions involving such securities.
<< Home