The time has come, a first short signal in a long time, we have had to wait a long time. See in the graph that the MA50 (orange line) served as a support for the upward movement for a long time, has not been able to keep today. An upward trend line has also been broken, which reinforces the whole.
Initially we focus on 482 then on to 455 these are support / resistance zones, eventually my longer term target is on a retest of 390 but we are not there yet, step by step again
If there is still a small revival, the ascending earlier support line will now serve as resistance, here shorts can still be bought if one was late
resistance: MA50 / MA20 505/513/530
support zone targets: 482/455/430/390
Good luck traders!
I regularly update my ideas, so don't hesitate to follow. I also appreciate your opinions, thanks!
Regards,
TT
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Hi, a torn balloon can fly up in all directions. This increase today is quite unexpected given the earlier short signal, it will remain for a while, why? At this moment there is another gap around 500 that has yet to be closed at the top, there is now resistance / retest of the previously broken support line. see the update of the graph. So back to 500 here the sequel becomes important
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Hi, the gap at 500 is still not closed because of the MA50 which again provides support. We have to wait for a 2nd short signal under this MA50, so we have to take into account that a breakthrough through 513 is also possible. Patience! usually large movements come out of nowhere
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Hi, after closing the gap at 500, the decline has not yet started, this is due to the support points seen in the RSI (the market is still too powerful probably because of the stimulus packages), a 2nd short signal remains for now. Indeed the still open gap at 530 seems to be starting to pull like a magnet, it has been waiting for an outbreak above 513 above, if not the focus will remain down. For the longer term, I still see a search for a lower term top!
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Hi, yesterday it was almost time, after the outbreak above 513 this immediately returned, resulting in a false outbreak. Today an attempt is made to rise again. it just indicates how important this phase is at the moment. The RSI indicates no weakening yet, but the question is how long this can be sustained.
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Hi, I just want to mention that in the day chart the resistance is now manifested by the MA50!
Can you explain what that means? MA50 on the daily?
TA-Vision
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@CJ888, in the day chart you can see the orange line, this is the MA50. above would generate a longer term buy signal, hence the fight now around this line.