Gap lower at the open - support here needs to hold for bullish thesis
Potential right shoulder forming. Current picture still bullish from symmetrical triangle break
Bull flag building in progress... waiting for confirmation. Already long from symmetrical triangle break
Battle lines have been drawn between 7040 and 7055. Trend & sideways consolidation favours a break higher... suspect we will have to wait until US open to get our break. Move higher likely to be quick and fast when (if) it does break higher.
Bullish break out of symmetrical triangle and gap closed at 7036. Long with a stop around 7000
Bearish engulfing candle on the hourly signals we may see a pullback here - cannot be long. We are coiling within a symmetrical triangle - patience is key
The bull flag we identified is still in play BUT there is a potential double top developing that will be confirmed with a close below 60. However, we may get some sideways consolidation here, and a break above 70 will continue the original bullish thesis. In summary: Bullish >70 & Bearish <60
Big reversal off our red lateral support following yesterday's sell off. Long with a target of a gap close at 7036
Once again opened higher and has been drifting lower after re-testing resistance. Bulls appear to be trying their best to squeeze the bears as much as possible before next leg lower. Holding onto for shorts for now.
In February I highlighted the bearish RSI divergence and said I would like to accumulate around 25. Frustratingly I was too impulsive and started averaging in too soon. This ETF is now at a make or break level on the weekly - either we get a successful bounce and re-test of the neckline here OR it was a false break higher that sucked in the bulls (like me). Time...
I was hoping VAPX would follow VGER and VHYL as they had similar patterns, but there has been a lack of follow through. I will continue to hold my positions whilst above 21.95 - but will look to exit below as a daily close below that red lateral support will trigger a double top.
Consolidating again before next move higher? Waiting for confirmation. Previously went underweight when prior bull flag target was hit and been waiting for a re-entry level.
In hindsight I went underweight too soon on my ISA holdings, but still hoping we go back to the red support to start accumulating again.
Index hit double resistance this morning (lateral and prior upward sloping) - and reversed. I am still holding my short positions initiated a couple of days ago. Today's high is the line in the sand for now & hopefully we go back to the bottom of the range at 6850.
Index opened higher and (unexpected to me) closed the gap at 7006. However - the picture is still not bullish. We have yet to see higher highs, and there is hidden bearish RSI divergence coming through. I am holding onto my shorts for now (albeit a little more uncomfortably than yesterday) & definitely not ready to add until we see further bearish developments.
Lovely bounce this morning following the RSI divergence identified. Looks a bit overdone here and I think we can see the downward trend resume. There is a gap around 7000 but will take time to see that filled I think. First a move to at least 6900