Hi Uber, can I just add this but I don't think I'm telling you or the folks here something that you don't already know.
I would highly recommend that you use horizontal levels of support / resistance as they carry more weight and have no bias's. Especially for indices.
Therefore, the below chart displays a channel of support that has had a lot of activity over the past 5 odd years. So it's a significant level IMO. Then you simply have a 50ema which acts as an accurate tour guide of sentiment and momentum.
While I'm here. currently FMG has bounced off a long term support level (around the 14.50-14.80) and is trading above the yellow 8ema and the bollie median. MACD supports this move as it crosses into bullish territory. While the SP keeps printing above that 8ema then holders will be happy chappies. IMO.
Cheers
FMG Price at posting:
$16.18 Sentiment: None Disclosure: Not Held
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