Journal Entry: I am tracking along with most of the major financials and banks. I have left the analysis a little light on C compared to some of my other trading idea's however all of these stocks are tightly knit together and heavily correlated so I believe it will be fine the way it is, for now. I am also going to include an Intraday idea for C as well, that way I can take a look at some of the volatility that occurred today and in the past. Ok, the last three trading sessions have been anomalies, yet the market is moving higher. To me this signals the insiders are campaigning to go long and are in control of the market. My first target is at the 0% line of the Fibonacci retracement tool located at a value of $78.67. Price has traded through some key levels, it cleared the Supply Zone, and closed above the .382% line. This to me looks very bullish, and without even looking at any indicators I think the bullish framework is strong. If I had to speculate why today closed as a long legged doji, I would say that the insiders were shaking out the sellers and the market is about to squeeze whatever is left of them again. More will be determined intraday. Thank You, God Bless.
Indicators:
OBV is extremely bullish and plotting above the mean. This is strong indication of bullish framework/an uptrend.
RSI looks strongly bullish and just entering into overbought where it may remain overextended for quite some time. Historically the RSI can remain above overbought pulling back and continuing to rally for the majority of an uptrend.
MACD has just made a major pivot just below the 0 line and is still in great uniformity for an uptrend with the lines still both strongly bullish and spaced well apart.
Indicators:
OBV is extremely bullish and plotting above the mean. This is strong indication of bullish framework/an uptrend.
RSI looks strongly bullish and just entering into overbought where it may remain overextended for quite some time. Historically the RSI can remain above overbought pulling back and continuing to rally for the majority of an uptrend.
MACD has just made a major pivot just below the 0 line and is still in great uniformity for an uptrend with the lines still both strongly bullish and spaced well apart.
Comment:
www.cnbc.com/2017/12...overall-economy.html