Bulls have finished last week with a spectacular rally. It was quite clear that they were taking some rest before a run but even I was surprised by their Friday achievements (see www.tradingview.com/...ket-bulls-take-rest/)
The outlook for this week is easily defined: BULLS, BULLS, BULLS. The daily chart looks great (daily uptrend, new high), there is absolutely no warning signals on lower timeframe (last day is a classical bullish trend day), no visible resistance above. Until it changes there is no place for short trades (unless you're a scalper) and pullbacks are for buying.
Disclaimer
I don't give trading or investing advices, just sharing my thoughts
The outlook for this week is easily defined: BULLS, BULLS, BULLS. The daily chart looks great (daily uptrend, new high), there is absolutely no warning signals on lower timeframe (last day is a classical bullish trend day), no visible resistance above. Until it changes there is no place for short trades (unless you're a scalper) and pullbacks are for buying.
Disclaimer
I don't give trading or investing advices, just sharing my thoughts
Comment:
As expected on Tuesday we've observed a downside auction. Bears were able to retrace allmost 100% of the last daily green wave but they coudn't take the last week low. As long as 505 holds it is still bulls' market and they have high level control.
This week is very important as we have a lot of economic data coming out, and it will probably set tone for the entire month
This week is very important as we have a lot of economic data coming out, and it will probably set tone for the entire month
Comment:
Bulls did a good job yesterday (Wednesday 06), closing Tuesday’s price gap. Being exhausted, they didn’t manage to set daily higher low and had to step back. Today, their goal is to protect this accomplishment, keeping yesterday’s low (508.5) intact. If they fail to do so bears will get temporary control and attack the last week low (505). It will be interesting to see which side will get support from FED’s speech and economic data but mind that the first reaction is often misleading.
Comment:
Another amazing rally yesterday (Thursday 07), with bulls achieveing to set both daily higher low and new high. Buyers have full control over market and they love it
Towards the end of the day, a rapid price jump broke the previous day's high, new price didn't find acceptance and got rejected. While the trigger remains unclear, I interpret it as bulls testing higher price levels before a potential retreat. Expect a short-term downside auction, but it's not a trend reversal yet. Buyers would likely want to retest yesterday's high some time later.