This is looking like text book material.Big reversal day four...

This is looking like text book material.

Big reversal day four days ago.

Consolidation forming a small downward sloping bull flag.

Today a bullish engulfing candle.

All occurring around the 200 day moving average, lateral support at 6200 (XAO), bounce off downward sloping support trend line from mid October.

Seasonally favourable time of the month/year.

Can this go wrong?

Of course it can.

We still have to see a positve x-over on the daily MACD and a positive break above the restraining down trend line from mid-December.

But it is looking positive.

On that note, I think I'll do some Xmas shopping.

Cheers
Red (not the reindeer)