Friday, June 26, 2015

Weekly Market Review K200

Daily : Downtrend.
  • Lower high lower low.  K200 stop the down move and starts to retrace.  However, the retracement has not hit any higher high.  So, it is still in downtrend.
  • K200 stop just below the downtrend line, which happen to be around Fibo 61.80% level, also happen to be below the resistance line of 254.68.
  • MACD cross up in this week and heading up wide.  It is still below MA200.
  • We will need to see if K200 break above the downtrend line next week, that will be bullish.  Or if it move down and it establish a higher low (means it might retrace up further), that will also be bullish.  Or it establish a lower low (means it continue its downtrend move), that will be bearish.

Weekly : Sideway/Uptrend/Downtrend.
  • Weekly chart is not so conclusive.  On the very short term, it is downtrend, if you consider the last green bar (which is an inside bar) a few weeks ago as lower high, we do have lower high lower low.  
  • However, if you look at a longer term, from the double bottom, K200 has establish a higher high (green arrow).  The recent pin bar is a higher low.  So, we have a higher high higher low, uptrend.  
  • But, if you look at the whole chart, K200 has been moving between 230 to 272/275 since end 2012.  It is sideway.
  • K200 ended this week with a bullish bar.  With the long pin bar last week, this development is bullish.
  • It also move back up and stay above MA200.  It might test MA50, which is just slightly above it.
  • MACD though is heading down, but has stopped opening wide.

Monthly : Sideway.
  • K200 continue to move up above and close above the uptrend line.  The bearish bar last week has started to develop into a pin bar.  With 2 more trading days to move, this month bar might not be so bearish.

No comments:

Post a Comment