Weekly
Prices have been making higher highs, but SL went the opposite way creating quite a massive divergence. ML though above 0, is sharply down. Also, in order for SL to turn up, prices have to close above 897.12 this week, which is nearly impossible.
Daily
Trend up, ML above 0 and pointing slightly upwards. SL turned 2 days ago but in precarious position to turn today. With the turning point at 830.43, chances are high that it will start turning down. As Chick mentioned, it will be a very bearish pattern should the SL turn down now, and could lead to a prolonged down swing.
It would be safer to wait for SL to turn before initiating a position, but I like to anticipate and thus, went short here. I will be looking to add on to my position when SL really turns.
No comments:
Post a Comment