6700 appears to be the line in the sand for now... Looking for a pullback to the 6650 level. SL at today's high circ 6705
One of my favourite ETFs and I am keen to start getting back to full weight. Technical points: - Hidden bullish RSI - Gapped down and extended from 20SMA - Upward sloping support May drop further to 25 to re-test massive inverse H&S break - will be a further opportunity to buy more
There's the hourly bullish reversal we were hoping for this morning. Nice long tail, bounced off support putting in place a higher low. Targets are 6626, 6640 and 6680.
This morning we got the gap close we have been waiting for. Using this as an opportunity to slowly start averaging back in (ISA & SIPP portfolios) as I am very underweight (current 21% vs. circ 70% total equities target). Suspect/hoping we still get better levels, but happy to start ticking away here after going underweight early last week.
As posted yesterday - we got the gap close and lateral resistance held at 6625/35. We do now have minor support now at 6600 and a flat 20SMA. Trend is still down, but will be keeping an eye to see if we can get a bullish hourly candle here - otherwise back down to sub 6500 we go. Patience required as we wait for confirmation.
If this resistance holds - next support levels: 6583.3 (gap close); 6570 (re-test break out); 6490 (lateral support)
Seeing a bit of a relief rally following last few days of selling. Trend is still down and we are floating between larger support at 6490 and resistance at 6625. Will be keeping an eye for a potential reversal from the upper 6625 resistance - and potentially even higher to 6635 where the price gapped down this morning - for a potential re-entry of my ST short...
Went underweight on Monday following the euphoria (extremely overbought on shorter time frames). Hoping for a pullback to the 6600 region where the price action gapped higher to start scaling back in - will also be a re-test of the breakout. However, there is a potential bull flag developing on the hourly chart (chart to follow). We currently in no-mans land as...
Would ideally like to see the 6600 gap close (as per daily chart) - however I am monitoring the potential hourly bull flag very closely.
Been a long term favourite ETF of mine. Slight bearish RSI divergence appearing on the weekly. Lightened up my position on Monday hoping for lower entry levels. 25 would be a great level to load up
I am not as bearish on dollar as general market consensus. From a technical perspective: - Sitting on good weekly support - RSI divergence - RSI oversold territory - Extended from 20SMA Slowly scaling into my long term portfolios at these levels for a bounce -think the RR is decent and a 1.4% divi yield helps. Good diversification option (dollar & fixed income).
Hourly close below 6305 confirms bearish double top
Keeping an eye on that neckline for a break
Confirmed with a break and close below 6305. Follows yesterday bearish action. Still holding onto my shorts, opportunity to bring stops down and reduce risk.
Index bounced off lateral support following the hidden bullish RSI divergence identified yesterday, but has lacked any meaningful following through. Fundamentally I still think this index is overstretched and happy to put on a decent RR short trade here on the backtest of the broken upward channel. Yesterday we saw the first signs of a possible change in trend. ...
Hidden bullish RSI divergence coming through as the price reaches a double support - lateral and upward sloping channel. Still no position.
Didn't chase yesterday's rally following vaccine headline news - as said I don't like chasing price breaks on headlines and this was confirmed with the RSI divergence. Still trading within an uptrend. No position and continue to watch and wait for higher RR set ups
Upside break following more vaccine news - I don't like chasing breaks on headline news. RSI divergence shows price also not convinced.