DXB Chart, page-1336

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Snowy62

42 Posts.

18

07/08/24

09:31

Post #: 75102986
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Originally posted by slick: ↑

Hey Snowy, yeah today was a surprise with XJO finishing green by nearly half a % and it went green early in the dad.

Notice it was the quality stocks that bounced nicely. Certainly one for the memory bank.

Re the gap, look I was merely pointing it out that it was there and was hoping that support at .37 would overshadow it which it has so far.

The chart still has a lot of work to do before an entry signal is triggered but the important thing for holders is that this 37 cent support level is building to be quite significant when you look at how it has worked since early March.
As to whether the gap fills or not? I wouldn't spend too much time on it and I certainly wouldn't be holding out waiting for it to fill as there's far more important indications to focus on.
IMO keep an eye on MACD for a reversal of trend (circled). We get that and I'd be thinking there's a nice trade in it.

Snowy as there's been a two week downtrend, what we are looking to determine is when the downtrend ends and an uptrend begins. Trick is to find the best indicators that you rely on to achieve that and that comes with a lot of time but is well worth it. Currently the chart is displaying that the downtrend may be exhausted and has found support but we need further confirmation as all that's been indicated so far is that it may have stopped going down. It hasn't indicated that it's going up yet.

This 30min and hourly chart displays it better, bounced nicely early in the day but then sideways. The 30 min has seen the 8ema cross above the 20ema but yet to be seen on the hourly. Keeping in mind that while the 8ema remains above the 20ema, the SP is always going up.

Cheers

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Hi @slick, thanks for that detailed breakdown, it really is appreciated. The indicators you mentioned are the ones I have been looking at but interpreting them is a different matter . As they say, we live and learn and I hope I never stop!
Thanks again.

DXB Price at posting: 40.5¢ Sentiment: None Disclosure: Not Held
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