We left the long lasting trading range past month. It gives hope for a further consolidation.
Thogh, may be, the bottom has not been built yet, a correction seems to be likely from here so that it's worth to try a long position. But be cautious.
... and confirmed now, i.e. the rise may go ahead.
We are holding well below the support so that we may expect a further decline. I consider the MA indicators as less important in this case as the lines show a clear picture now.
At least we shall see a retracement of the decline.
Yesterday's rise has been retraced sufficiently. It may get up again.
Half an hour ago we created a new high in the recent uptrend. I suggest that we shall move some higher.
The more we are in an uptrend already and with the fair mood in the market the outlook for BB Biotech is improving as well.
At this level it may be possible to start a long position to bet on a retracement of the fast decline at least.
As we exceeded the 61,8 % Fibonacci retracement it doesn't play any role longer. A renewed downtrend is likely.
We are facing a -however falling- support and a forming bottom. This gives hope for a retracement.
We've reached the 7 week's top again and due to the weak signs of all major stock exchanges I suppose that the IBEX won't manage to overcome this this week. Political uncertainty will weigh additionally.
The idea to trade the upside proved to be wrong. I expect a further drop therefore. We are now in a little trap which we may call a triangle. As we are testing its upper edge now I am considering a short position worth trading now.
Above a short term support a body is building. A correction to the upside seems likely.
We built a bottom recently and have now retested it. Thus the correction may go ahead now.
It is a range trading but at moment it looks as if the upside will be tested again. Fundamentally the Russian economy is stabilizing within the sanctions but there are a lot of clouds above it. The banking system is facing a crisis with some banks being bailed out by the central bank lasting on the budget and there future is not clear yet. The economic growth is...
This is what we are just doing. Whether it will become more - let's see.
This shall provide a support. The trend shall continue to rise or at least the market shall take a pause and look whether the upward trend is still valid.