for the week starting 10 June 2013
Market has come to a pattern which many reversal traders like to participate.
Weekly Chart:
After two reversal candlestick pattern in mid May and end of May 2013, market fall for 299 pts last week and closed above the weekly opening.
Daily Chart:
It is exciting to see market found support at 1/3 fibo level strongly, and rebounded - can I say uptrend is likely to continue?
Check the first correction in April 2013, and current correction - I hope it will be a guide if you are bullish.
Take precaution as on weekly chart, there is a lower low, and relatively lower high, if market breaking below 14,843 pts this month, bear will take control and send DJIA down to 14750, 14650 pts.
From intraday chart, I could do a quick forecast for coming trading day (Monday).
Bullish day candle shall sends DJIA higher but limit to 15310 pts resistant.
strong resistance 15400.
Breaking above 15400 pts I would abandon hunting short but watch closely how market break recent high to reach 15850 pts.
from 4 Hour chart, EMA50 has turned from resistance to a fighting line between bull and bear.
I prefer to trade at extreme ends.
Short 15290 pts, close EOD.
Long 15010 pts, close EOD.
Nasdaq 100
From intraday chart, Nasdaq 100 and DJIA pattern is slightly contradicting..
from 4 Hour chart, based on the candlestick pattern, I am a strong believer Nasdaq 100 would continue going down.
Rooftop resistance 3000 pts.
Support 2945
TG 2890
If Nasdaq100 were to go north, it must break above 3000 pts this week, and stay above 3030 pts for rest of this month.
Cheers
Ayumi
Market has come to a pattern which many reversal traders like to participate.
Weekly Chart:
After two reversal candlestick pattern in mid May and end of May 2013, market fall for 299 pts last week and closed above the weekly opening.
Daily Chart:
It is exciting to see market found support at 1/3 fibo level strongly, and rebounded - can I say uptrend is likely to continue?
Check the first correction in April 2013, and current correction - I hope it will be a guide if you are bullish.
Take precaution as on weekly chart, there is a lower low, and relatively lower high, if market breaking below 14,843 pts this month, bear will take control and send DJIA down to 14750, 14650 pts.
From intraday chart, I could do a quick forecast for coming trading day (Monday).
Bullish day candle shall sends DJIA higher but limit to 15310 pts resistant.
strong resistance 15400.
Breaking above 15400 pts I would abandon hunting short but watch closely how market break recent high to reach 15850 pts.
from 4 Hour chart, EMA50 has turned from resistance to a fighting line between bull and bear.
I prefer to trade at extreme ends.
Short 15290 pts, close EOD.
Long 15010 pts, close EOD.
Nasdaq 100
From intraday chart, Nasdaq 100 and DJIA pattern is slightly contradicting..
from 4 Hour chart, based on the candlestick pattern, I am a strong believer Nasdaq 100 would continue going down.
Rooftop resistance 3000 pts.
TG 2890
If Nasdaq100 were to go north, it must break above 3000 pts this week, and stay above 3030 pts for rest of this month.
Cheers
Ayumi
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