Last week we saw an attempt to catch up with the4 month rise that had lasted until July 27. This attempt failed to reach the previous high again and was followed by a 50 % retracement. This shortlived correction to the downside that could achieve a perfect Fibonacci retracement only gave me the hope that the bulls may have not yet given up so that we may see...
The resent level has been the central line at which the index has found its bottom since March. This means that we are trading within abroad range where we are close to the bottom now. I expect this central line to hold again and the index to rise respectively.
On 27th July already we opened a downward window. The attempt to close it was not not successful on Monday. At the opening we have opened another window today and in little upward correction it could not be closed yet as well. The failure to close the big July window, however suggests a continuation of the decline.
The price seems to be limited at around 63 at moment. From Monday until this morning we saw a decline which has been retraced by 50 % now. Due to the violation of the trading short term range this morning I expect a continued decline for a while.
It has been the second time that the April-May high could not have been reached again. I.e. we are in bear market already. The moving averages could not support the price. That's why I expect a test of the June-August lows again. They are at a support zone that reaches back as far as to 2020.
The retracement since August 15th was very steep and has reached the 68 % retracement from July 27th. This may be the end of the flagstaff and a downward correction ma be seen now.
Since the (open) window on July 20th we are in a downtrend. One might have sold at the attempt to close the window on August 11th but I missed the chance. Now that we are testing the nice support at round 410 I think that we've got another chance now. May be this chance is even bigger than the previous.
We've seen an outbreak from the mid July range. Today's upward retracement has built a new bear flag. Dtarting from this retracement level we could see new lower prices now.
We have reached a sufficiently old support/resistance level now. As the trend is still bullish we may consider this as a fulfilled correction with renewed upward potential. We are still trading in a range so no vast profit is expected but the support seems to important to me to miss the opportunity of a rebound.
Yesterday we saw a beginning upward retracemet. It did not lead very high though and has ended in small sideward range meanwhile. When we can hold above the VWAP then I see a chance for a test of the former 4 hour high again.
I see yesterday's spike up as growing pressure to the upside. That's why I am using the intraday correction towards the former trading channel as a chance to take part in the expected continuation of the rise.
The overbought condition has been corrected by today's fall. We are approaching the support zone between 28400-28100 now. Given a neutral market now there is room for a rebounce.
On May 2nd the stock has opened a window. Now we are on the way to close it.
Since last Monday the stock knew the way down only. But after a new low yesterday it seems that the market is preparing for a correction. If the EMA can be exceeded then a good Fibonacci retracement is possible.
The market is overbought. Everyone knows it. But anyway the stocks keep rising. Today, i.e. before weekend I see the chance if not for a trend reversal so for a minor correction at least. Little profit is better than no profit.
We have almost reached the temporary high from end of August 2020 again which was valid until March 2021. This may serve as resistance now the more that it has been successfully tested in November 2021. The decisive outbreak in January 2022 led to e steep fall having persisted until November 2022. This has been corrected now with an impressive rise for over 1/2...
The stock is caught within a Fibonacci trap and has got some momentum today to test the bottom of the cage. As the stock is in overbought condition this test may get more momentum an fall through. We will probably not close the big open February window but a retest of the June lows seems possible without stop. Okay, a breath at the March high is possible.
Like many shares today the stock is overbought and a correction is long due. Yesterday we've seen a desperate attempt to reach the February high again. But neither this nor the January low could be reached again. The bulls have run out of velocity immediately. The upper range of the Donchian Channel is an additional resistance to be overcome for a continued rise....