Friday 08 November 2024
Time Published: 10h13
This Is The Current Risk Level Following The Bear Flag Breakdown
Trading in a 6-week consolidation + continues to unwind from overbought as well as the bear flag breakdown / risk level = 77222 / below the 21-day EMA which has started to slope down.
Previous Post
Thursday 31 October 2024
Time Published: Pre-Market
At the beginning of this week, I discussed the potential formation of a bear flag structure, that is vulnerable to triggering upon a breached of the incline support which extends back to the 08 and 09 October swing lows. On Tuesday we saw some early weakness while yesterday saw a breached of the upward trend. the index closed off the lows of the day, but still near the range lows which extended back to Friday 18 October. Here, breaching horizontal support of 78530 could mark the start of a further downside move and an acceleration of the bear flag structure. I am however mindful that a change of character is possible and would watch if weakness below the break is bought - say, a false breakdown? Bottom line: I remain open-minded.
This below slide was included in my report, "The Sum of the Charts" dated Monday, 28 October 2024.
To access the report, email lester@unum.co.za
Lester Davids
Analyst: Unum Capital
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