I can see a repetition of the same pattern that occurred in November, with a trend reversal (Price diverges from upper BB) after a rapid rally. Furthermore, the trend reversal occurred at a consolidated resistance point 2015. Finally the stoch indicator hints to a downtrend as well as the a bearish dominance that the negative slope of the balance of power indicator has. Furthermore, it has to be noted that external, mainly european, forces put negative pressure on US equities. The brexit referendum creates uncertainty in the market and the Chinese economic slowdown contributes to the unfavourable bad earnings of Q1.
Trade closed: target reached
Comment:
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