Afternoon Folks
Hope you're all enjoying your weekend. Here are the daily and weekly TV2 charts:
Looking at the
daily ichi chart all ichi indicators are still bullish and in bullish territory above the kumo
apart from the Kujin Sen Cross - this coming week we're looking for the SP to rise back above the Kujin Sen (after the low volume pullback):
- Kumo Breakout - SP broke above the kumo (cloud)
- T/K cross - tenkan sen (blue turning MA) crossed above the kujin sen
- Kujin Sen Cross - SP has crossed above the kujin sen (orange standard MA)
- Senkou Span Cross - SSA crossed above SSB (kumo twist)
- Chikou Span Cross - chikou span (green lagging MA) is above the SP
The RSI lower indicator shows how the SP pulled back from an overbought position and when using the candles this week rather than Heikin Ashi we can clearly see the low volume pullback where there were 3 attempts to try and close the lower gaps however 1.6 support held firmly.
Note: there is a
possible small '
cup & handle' pattern forming which could bring a ST target in the mid 3s.
Looking at the
weekly ichi chart below the SP is still consolidating in the Kumo (cloud) in neutral territory and we can see the
big picture view of the
possible small '
cup & handle' pattern and low volume pullback.
TBH it all looks pretty much text book - a
large bullish green candle with
high volume, a
small red bearish candle with
low volume and now looking for a steady rise back up from here. Still looking for a Kumo Breakout
with volume on the weekly.
Going out on a limb but I would be very surprised if the lower gaps fill - happy I topped up at these levels last week.
JMO GLTAH
Cheers SL
