- Stochastic/RSI and VWAP giving mixed signals, edging towards the oversold, but not quite there.
- Recent 20/50 MA cross makes keeps us in a generally bullish trend
- Key Zones: 5725 and last weeks R4 of 5611
I wouldn't place a trade either way here, but I'd speculate that we are headed down towards 5600 and if that breaks convincingly our next stop would be around 5300 area.
In my opinion though, these levels depending on if they hold or break is where we are going to bounce, with a final rally up towards at least 6700 before we see any really severe correction or formation of a bear trend. If you are hodling, keep hodling, this is not the apocalypse yet.
Sorry for not being the most useful statement on the market, but wanted to get this lot written down!
Comment:
Lot of people are freaking out, we are in what I have now termed the "Zone of Danger" if this breaks down, there's a good chance we'll go down until it hits the 200 SMA before recovering.
Still wouldn't open a short - hopefully you already have your margin longs off the table. I'm not into buying this dip yet.
Lot of people are freaking out, we are in what I have now termed the "Zone of Danger" if this breaks down, there's a good chance we'll go down until it hits the 200 SMA before recovering.
Still wouldn't open a short - hopefully you already have your margin longs off the table. I'm not into buying this dip yet.
Comment:
Sorry - too sleepy. Meant we might go down until it hits the daily 50 SMA, which is currently around 4500 area.
Boing