WEEKLY (W1)
Failure of the upside breakout of the weekly clouds triggered a SHOOTING STAR (reversal pattern !) !
In addition, the last weekly closing level @ 42'077 was also below the Tenkan-Sen (42'524) which is also an additional
bearish signal calling for a trend reversal towards the bottom of the clouds and potentially lower.
Next support to look at in this time frame are the following :
S1 : 40'922
S2 : 39'400 (39'552 is the double top target mentioned in my yesterday's analysis !)
S3 : 37'877
S4 : 35'710
Ongoing price action is showing a breakout attempt of the former uptrend support line (to be confirmed on a weekly basis, of course).
Nevertheless, there is still a remaining positive point : the Lagging line is still above the weekly clouds and above the Tenkan-Sen...
DAILY (D1)
Below :
1) the clouds
2) the Tenkan-Sen
still above :
1) the Mid Bollinger Band (the Barometer) @ 40'470
2) the ongoing daily uptrend support line (40'190)
3) the Kijun-Sen @ 39'400 (S2 on weekly)
Watch the clouds and the Bollinger Band as leading indicators !
4 HOURS (H4)
DOUBLE TOP STILL IN PROGRESS (mentioned yesterday, see related idea below) with the clouds still in support.
A breakout of the bottom of the clouds (40'900) also S1 on weekly chart would put the focus on lower levels previously mentioned
in both weekly and daily analysis.
ONLY A SUSTAINABLE MOVE ABOVE 43'500 WOULD NEUTRALISE THIS PERSISTING ONGOING DOWNWARD PRESSURE !!!
As usual, watch and monitor closely shorter intraday time frame to get more clues which will validate or invalidate the implications
previously mentioned.
Be sure, if you act tactically in countertrend to adopt a disciplined trading strategy (Risk Reward ratio) and in placing stop loss (trailing) accordingly.
Have a nice trading week.
Ironman8848 & Jean-Pierre Burki
Failure of the upside breakout of the weekly clouds triggered a SHOOTING STAR (reversal pattern !) !
In addition, the last weekly closing level @ 42'077 was also below the Tenkan-Sen (42'524) which is also an additional
bearish signal calling for a trend reversal towards the bottom of the clouds and potentially lower.
Next support to look at in this time frame are the following :
S1 : 40'922
S2 : 39'400 (39'552 is the double top target mentioned in my yesterday's analysis !)
S3 : 37'877
S4 : 35'710
Ongoing price action is showing a breakout attempt of the former uptrend support line (to be confirmed on a weekly basis, of course).
Nevertheless, there is still a remaining positive point : the Lagging line is still above the weekly clouds and above the Tenkan-Sen...
DAILY (D1)
Below :
1) the clouds
2) the Tenkan-Sen
still above :
1) the Mid Bollinger Band (the Barometer) @ 40'470
2) the ongoing daily uptrend support line (40'190)
3) the Kijun-Sen @ 39'400 (S2 on weekly)
Watch the clouds and the Bollinger Band as leading indicators !
4 HOURS (H4)
DOUBLE TOP STILL IN PROGRESS (mentioned yesterday, see related idea below) with the clouds still in support.
A breakout of the bottom of the clouds (40'900) also S1 on weekly chart would put the focus on lower levels previously mentioned
in both weekly and daily analysis.
ONLY A SUSTAINABLE MOVE ABOVE 43'500 WOULD NEUTRALISE THIS PERSISTING ONGOING DOWNWARD PRESSURE !!!
As usual, watch and monitor closely shorter intraday time frame to get more clues which will validate or invalidate the implications
previously mentioned.
Be sure, if you act tactically in countertrend to adopt a disciplined trading strategy (Risk Reward ratio) and in placing stop loss (trailing) accordingly.
Have a nice trading week.
Ironman8848 & Jean-Pierre Burki
