Despite that bullish engulfing candle with strong volume on 13 Oct, the market continued to climb a wall of worry for the next 5 days. However last Friday's strong close is a "follow through" day that added to my conviction that this rally could last a fair bit.
On the Monthly Chart (not shown here):
A potential "bullish piercing candle" (monthly ) will be...
My guess is that we are due for a rebound now and hopefully the start of another upswing due to the following signals:
Futures dipped briefly below the regression channel (of the swing that started since March's low) today and rebounded, and looks to be forming a "piercing" candlestick (bullish) AND we have potential divergence between price and...
Positive factors :
1. 2 out of 3 windows are closed
2. Respected the trend line support
3. Piercing candle
4. Slightly closed above 50% retrencement
Negative Factors:
1. 10000 level is psychological support
2. didn't close 3rd window
It was an optimistic effort by bulls, Still the price area slightly vulnerable
it is not favorable for defensive traders, enter...
