Kept kissing the 100 MA but only a couple of breakout attemts that came up against rock solid horizontal resistance and consequently promptly failed.( 8172 was 50% retrace).
Nice day.First long came soon after the off after the pullback broke out above 8250.That was good for 100 odd points. Then followed a protracted amount of dithering and a bull triange formation that finally broke out, but fell short of the target (8420) by some 16 odd points.Probably not surprising as it didn't develop correctly ( 60- 75% breakout)....That was followed by indescision and whipsawing with a final breakot attempt to reach 8416 before tanking into the close and a 100 point drop to be had, finally closing the day with an Inv. H&S. Surprisingly, none of the tops or bottoms had TA confirmation....
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Got some decent TA today with a few confirmations. The spoiler was the protracted top at the close.The day started opening up at 8455 with a big dip to 8280 before settling down and testing 8232 in a traingle that broke to the dowwnside, being"weighted" under the 100MA. That led to a 100 point drop and the formation of another bull triangle, again biased under the 100MA, and the inevitable drop and short enrty as the failure pulled back to kiss the 100MA.The day's bottom finally developed over 50 minutes as a PD bottom, with the final low at 8212, and the gamble entry for the brave.The safe entry came at 825o as the price broke the 100MA and pulled back before the big rise.The main pullback to just over 300 gave a target for the next leg of 8394 which was met. Then a "messy" bull triangle developed taht nearly made target of 8465/70, and would have done so I'm sure if we hadn't run out of time. As it was it only fell 10 short to close the day up 178.
The Tea Time traders should have got most of the big rise that started around 7:30.... Strong finish to the day should see 8450 breakout attempt tomorrow....If not, there is good support at 8400 and 8364.
The Tea Time traders should have got most of the big rise that started around 7:30.... Strong finish to the day should see 8450 breakout attempt tomorrow....If not, there is good support at 8400 and 8364.
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Another good day, but little to show for it in the way of TA.The open did it's normal trick of dropping back to status quo frm yesterday's close where it formed a double bottom with PD on RSI. From there it was basically up all the way to the top. Note the four attempts at 8545 ( bull triangle ) before finally breaking to the upside, and the two mini bull flags that followed. If you needed confirmation of the strength, it came from the big drop in RSI near the close (82 to 33) that only made a 50 point drop in the price. The burning question is, does this have the strength to test and break the top at 8750?.......I think it will get there, breaking out is another matter.
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The futures drop got us off to a slugish start, but then it carried on as it did yesterday.The protracted bull flag that developed across the middle of the day delivered the goods and just exceded target before declining into the close.Still we made the crucial 8750, and more,and closed down just 5 point off at 8745. Seems we still have strength as there was no price collapse when TA dropped.Looks like we should be able to hold 8700.
Notice the breakout from the bull flag- bounce off up-trend, break through 100MA and the higher low at the bottom of the RS switch on RSI.
Notice the breakout from the bull flag- bounce off up-trend, break through 100MA and the higher low at the bottom of the RS switch on RSI.
