• REAL-TIME - 11h26
THE HIGH BULLISH MOMENTUM (APPROACHING OVERBOUGHT) REGIME FOR BOTH THE DAILY AND WEEKLY TIME FRAMES HAS STARTED TO UNWIND WITH THE PRICE TRADING WITHIN ONLY A FEW POUNT OF THE PREVIOUS SWING HIGHS. ON WEDNESDAY, TEH 8-DAY EMA WAS BREACHED, WHILE THE RISING 21-DAY EMA ACTED AS A SHORT TERM SUPPORT RANGE ON DURING THURSDAY’S TRADING SESSION. WHILE MY PREFERENCE IS TO EMPLOY HORIZONTAL TREND LINES AS A TOOL, THE RECOGNITION OF A DIAGONAL TREND LINE OR CHANNEL MAY ALSO BE USEFUL IN ASSESSING TECHNICAL REWARD-TO-RISK. ANALYZING THE DAILY CHART, A REJECTION AT THE UPPER BOUNDARY OF THE RISING CHANNEL IS RECOGNIZED, WITH A PULLBACK CURRENTLY UNDERWAY. AT CURRENT LEVELS, AS PER THE DAILY CHART, THE INDEX IS TRADING WITHIN A NEUTRAL REGIME (PREVIOUSLY HIGH BULLISH MOMENTUM / APPROACHING OVERBOUGHT).
Lester Davids
Analyst: Unum Capital
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