Daily 10 Feb
Positives.
Histogram above zero. MACD above the sig line.
Stoch 14 is in the bullish zone above 50.
Negatives
MACD turned down. Histogram trending down.
Stochastics turned down. Unclosed Gap
Outlook
What a great week that was
After making another new ATH we are following the usual patterns & pausing to retrace & retest he prev resistance which should now become support.
We did not quite make the target price of 84 – 85 but that will happen on the next break.
In the s/t, resistance is around 75 – 76 then from 78 up to 83
Support is 69 – 71 then down around 64 - 66
There is a FVG at 71 – 75 which is being filled at this time & covers the still open outside gap at 71 – 75 as well.
These have a 90% closure rate in the first 7 periods so I would expect to see that close in due course & maybe retest 69 – 71 in the process.
It looks like the pros still have things well under control but are slowly having to pay up to accumulate & this may lead into another short consolidation before moving up to another ATH.
Weekly
Positives
Stoch 14 is rising & above the sig line
MACD is above the sig line
Histogram is above zero & risisng
Negatives
Vol was lower Stoch is in the overbought area
MACD is very wide & turning over
There is a bearish RSI divergence
Outlook
The weekly is also looking very solid but the candle does not look good & vol was lower than the prev week.
So as indicated by the daily charts & the current wkly indicators, we may pullback in the s/t & retest 65 – 70 over the next couple of weeks with the potential in the absence of any more news & depending on world market conditions to go as low as 57 – 60.
First support is 68.5 then down around 64 again.
Resistance is 75 – 80
Weekly net vol was 4,501,105 net buying.
Daily reported shorts up to Thu. were 3,438,135, I would expect that to rise.
The aggregated short positions last Mon. were 25,135,570 & t
he sp closed Mon at 70 making most of those a long way out of the money.I never give advice but if I was to start now I would say sit back, close your eyes & visualise all that white stuff falling of the conveyer belt into the hopper day after day.
Well done AGY & Puna you are champions.
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