Relatively boring day, with a good part stuck in the range 8370 to 8400 and 8400 to 8430 making trading arduous. The only help was the RS Switches and the 100MA to give a clue about trend changes. The second RS Switch signalled an uptrend, but failed to deliver, barely making 30 points ( eventually) off the 100 MA and delivered Negative divergence in RSI and CCI from the first break above the 100. Closing at LOD confirms that the 10 Min Bear Flag showing up may deliver it's target of 8100....EOD charts have support at 8300 ish , and then 8000/8050
Good news for those that don't like shorting,I guess. The support was found from the EOD charts at 8300 ish, testing it 3 times in early trading, eventually breaking loose to close up 114 or so.Early trading was not so easy and no real divergence to signify bottom stability save the flat bottom on RSI and CCI against lower lows on the price, which at the end of the day is Positive Divergence. Looking closer at the charts will show a number of bull flags that developed in later trading, the most notable around 8470-90, leading to the ND top at 8450. The T Time traders should have cleared close on 100 points, assuming holding your bottle through the bull flag...Nice to see the Bull's TA performing to the rules again.
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Poor day from a TA point of view with just about zilch to show.Fib retracements shown could have helped pick peaks and troughs in the absence of divergences etc. Today must have been a nightmare for scalping with so many zig zags of 25 odd points. Come back rallies, all is forgiven.The Tea Time traders probably had the best of the day with the price falling below the 100MA all the way down from 8330 to 8280 for just 50 points.
