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Taiwan Weighted Stock Index Daily (13.07.2014)Technical Analysis

INDEX:TWII   Taiwan Weighted Index
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The Taiwan Weighted Stock Index ( TWII             ) Daily Diagram Technical Analysis Training shows the following:

The TWII             index has made a long development from January 2014 above the KUMO cloud. Now the Index is above Tenkan Sen and Kijun Sen too. The weekly and monthly diagram are bullish but MACD is overbought on both of them.

So the first think in mind for Monday is the case of a correction to the Tenkan Sen first in accordance with the green support lines. MACD is marginally on sell sign (?) and RSI lower from overbought levels.

We have a bearish engulfing candlestick pattern. The index is above the KUMO, Tenkan Sen & Kijun Sen too.

There is no special pattern.

So I think that the TWII             will decline towards to Kijun Sen (blue line) first.
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