- The big trend is , but we may experience further counter trend wave towards stronger supports
- picture is ... or is it turning neutral? It will be decided if we finally see a decisive candle close below Kijun.
- Stronger supports below Kijun are: 100WMA and Senkou B (Kumo bottom) ard 9,00-9,05 and the major ard 8,80+
- Heikin-Ashi still showed undecision last week as candle had both upper and lower wick and a very small body, but price action was on friday, which ended in a red body finally. Price has not managed to move back above Tenkan Sen (9 weeks avg ) for 4 weeks, however still could not close below Kijun either.
haDelta/SMA3 crosses down at zero, this suggests bears may get stronger momentum.
Note: divergences are always nice to realise and examine, but as you can see in both haDelta and EWO , divergences can develop and exist for extremely long time! Divergences alone can not be traded!
- As it often happens, the initial Kumo break did not have an immediate follow through at beginning of March. Bulls tried everything to push back price above 100WMA and 9,50-9,51 key supp/res lvl , but they failed 14-16 times!!! (that is like trying for almost every trading day for more than 3 weeks!)
- Heikin-Ashi signals turned last friday, with strong momentum. In case price clears 9,30-9,35 resistance, selling will accelerate down to 9,00-9,10 zone.
- EWO is still neutral/starting .
As I wrote on Twitter, I have been holding sometimes more sometimes less EURNOK short for several months now. I think it is time to hold more! If someone doesn't like selling EUR ag NOK , can still do another relative value trade, long NOKSEK , which I also called for on Twitter few days ago.
p.s.: Of course the whole success depends a lot on Brent Oil price action, as Norway is one of the world's biggest oil producers, but recently I see Oil price well supported by buyers.