Saturday, May 10, 2014

Weekly Market Reivew K200

K200 closed at 254.31 on Friday, 9-May-2014, lost 0.76 (0.31%) over the last 3 trading days, recovering most of the lost on Wednesday.

In my last week review, I mention that K200 could move down to the support at 252.  It did and rejected it and moved up.

Looking at the Fibonacci Retracement, the last retracement stop at 76.40% before it climb up.  This latest retracement happened at exactly the same 76.40%.  I am not a fan of Fibonacci.  I don't trade using it.  However, I always use it as a guide, especially when it coincide with my support and resistance.

We have a series of higher high and higher low in K200 Daily chart now.  Will K200 resume its short term uptrend and continuing its climb?  Let's see.

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