Trading the Line

We did see a recovery of sorts so that the market is sitting right at the sell line. Frustrating indeed.

We are setting up for a large move, so we need to watch the oscillator now. If it recovers and moves above the upper black band then the large move may well be up. But at the moment the signals are sideways to downwards.

Choppy remains the order of the day with mixed signals still in place. The weak oscillator still suggesting lower prices perhaps after a token new high.

Starting to resolve to the upside.
Keep an eye on the oscillator as a move back above the black band would signal further strength and would probably be synchonised with a breakout to new highs. Short term target is 1894 – see what happens above.

Oops – if in doubt press the sell button! So the news is in and maybe that's all we needed.

Not quite a Sell signal so we will need to watch the action over the next few days to find out which way is the one of least resistance. Nice bounce off the previous support line at 1. so we should respect that for today.

It does look like we are heading back to new highs for a re-test of 1883, perhaps the upper trend line (5) and target for March 27 (small MOB)

Diagonal resistance line 4. appears to be taken out

Keep an eye on line 1. which we broke thru and then recovered. A second break of this line should signal a move down to line 2.

The oscillator makes a late sell signal, suggesting weakness in this recent move and this needs to be resolved either way.

Yesterday just looking like an oversold bounce unless we see stronger action today and tomorrow.

Mixed signals with the potential Buy signal above 1861 and the oscillator signalling potential weakness ahead.

Bounce on friday failed albeit only slightly, confirming the sell signal.

Watch the action at the 55 day ema now at 1828 as this can be a key pivot level.

A close above 1860 on monday would cancel the Sell Signal.