Looking at MY charts [because I'm the worlds worst chartist! ] last night, if it stays in then current trend channel, then I saw around 67 as the base of the channel, before we [hopefully] resumed the uptrend.
Indicators show MA's, RSI and most momentum indicators as oversold, so let's see where it goes from here. At PRESENT, selling seems relatively shallow, so maybe a few $$$ have been taken off the table, in order to chase other profitable opportunities, with more volatility...
The XMJ is down too, plus the market seems to be holding it's breath as to the direction of the Nikkei, DJIA and of course, the XJO , just to see what the rising interest rates bring. In reality though, this SHOULD have already been priced in.
So, let's see if we keep the momentum towards the up, or we break the channel and prepare for a new leg down. As the 1/4erly is now released, there is little buying opportunity for the pure trader, to profit from the pre-financials volatility , so hopefully we just resume on our happy little grind, slowly northwards, as we have for a while now. Back to sleep...
MLX Price at posting:
67.5¢ Sentiment: Buy Disclosure: Held
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] last night, if it stays in then current trend channel, then I saw around 67 as the base of the channel, before we [hopefully] resumed the uptrend.
(20min delay)