Tricky trading day today, with not a lot in the way of TA...A false breakout from the 100MA at 17:50 was followed by an unexpected triangle break.This was followed by a vague divergent top that had no real clear indication. Smae for the bottom at 9242- no real indication of the "V" bottom, although I managed to get it at 46, more by luck than judgement....The chart is chopped because if the short day friday really screwed things up.The start is at 16:45.
After a lot of whipsaws for most of the day, we finally got a breakdown from the bear flag with the 9100 target being met. There are 4 slope changes that may indicate a bottom here. 9100 is 23% fib point and horizontal support and positive divergence over the last hour that has to be resolved. Short entry was confirmed as the 4th uptrend support bounce failed to materialise and briefly tried to pull back to resistance before frefalling to target. Maybe the triangle on RSI and CCI will resolve to the upside.....
Attachments
And maybe they wont .
Non stop downhill slalom run today. Right from the off , the failed Inv. H&S showed the way...There followed a valid PD over the period 16:30 to 17:30 which resulted an a break of the 100MA , but was not sustained, even though the rise wa 60 points or so.The break out soon broke down and returned to the 100MA, right on 9000, dithered and finally tanked for the rest of the day. More of the same tomorrow?
Non stop downhill slalom run today. Right from the off , the failed Inv. H&S showed the way...There followed a valid PD over the period 16:30 to 17:30 which resulted an a break of the 100MA , but was not sustained, even though the rise wa 60 points or so.The break out soon broke down and returned to the 100MA, right on 9000, dithered and finally tanked for the rest of the day. More of the same tomorrow?Attachments
More of the same it was. If you managed to track the broader swings, there was 900 odd points to be had today. Not too many hard clues as to the reversal points and quite a bit of whipsawing following the 100MA- hardly surprising given the excessive volatility. Given finishing above 8800, having switched from resistance to support at the close, perhaps we can see some more upside tomorrow (it's Friday)....
