Nothing of any significance to talk about today from a TA point of view. Steady progress throughout the day saw a gain of 213 or so from Friday's close.Interestingly, the Bull triangle formed on Thursday/Friday gave a target of 8983 or so, which is where we closed. Closing at HOD adds strength to the move.TA making higher highs and higher lows are supporting the rise.
Clearly not enough strength to continue yesterday's move. Today seemed difficult to trade with small swings, rapid direction changes and little in the way of clues as to a likely direction. First half down, second half up.Good support on the Bull triangle top providing the reversal. BUT that in itself has formed a potential Bear Flag, that would lead to a 100 point drop...Very little for the Tea Time traders to get their teeth into.
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A better dat for trading today with some good moves based on the 100MA , with little in the way of wipsawing. A nice 3 pk PD bottom spread across 36 minutes whith a 50 point rise into some whipsaw at the 100MA before breaking out.That was followed by a tricky ride to the top, with a pullback to the 100MA in the middle. The bull flag that developed there just made target at 8964. That top was a dificult call, with no real clues, save the expanding triangle that lead to the rapid tank back to 8850. There, we got A "W" bottom and another breakout to the top, closing near to HOD.Seems the balance of movement is to the upside, having looked distinctly shakey yesterday.
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A couple of decent moves again today, starting with the bull flag breakout to 9044. The go nowhere drift downwards continued right til 6:30 when dinner time finished in the US and there was a significant upturn in volume.That led to the rally off 8950 and on up to HOD, before dropping back to 9053.
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Couple of interesting things towards the end of the day. Firstly, though, the day got off to a good start, staying under the 100 MA fo a long time, giving an opportunity to stay in and rack up some points.That was good for around 100 points, getting in around the 8980 lower high.That was followed by a bear flag that, short term, failed to perform.Interesting.Second interesting thing is the fact that it was stopped by the inverse H&S that did perform, just breaking the 100 MA before the close.
This could mean that, as a downtrend TA failed to perform, the market wants up.You'd have to say, though, based on the 10 min charts, that one has to consider the downside target of 8730 or so.Bit in the air I suppose, but I'd plump for support here at 8830.
Could it be that we have just completed an NR7, with the total gain over the last seven days being just 130 points? Maybe this is the wind up to shooting off to 9750.... who knows.
This could mean that, as a downtrend TA failed to perform, the market wants up.You'd have to say, though, based on the 10 min charts, that one has to consider the downside target of 8730 or so.Bit in the air I suppose, but I'd plump for support here at 8830.
Could it be that we have just completed an NR7, with the total gain over the last seven days being just 130 points? Maybe this is the wind up to shooting off to 9750.... who knows.
