Similarly, the bounces came after the period of oversold conditions (highlighted in red), followed by finding "algorithmic" support from 30 (in green). Therefore, the target for the (not proportionate) to the upside is $7,650 and to the downside $5,800 support.
The key levels to watch are therefore the same as before:
- 200 Day MA: $9,350 (flat, neutral)
- 100 Day MA: $8,300 - $8,050 (declining, )
- 50 Day MA: $9,795 - $7,800 (declining, )
Could This Be The Final Fake Out?
Zooming Into The Weekly Chart Doesn't Look Good
Extrapolating 2014 Correction - Could $6,500 Be The Low?
Two & Four Year MA's Claim It's Time To Accumulate