Swiss index Bearish With High Probability!Hello ladies and gentlemen,
according to my chart analysis of the index swiss, there is a high probability of a decline towards the $7800 level in the next few weeks!
Swissindex
Meyer Burger Rejection, 1 CHF or a 40% retrace?!MBTN recently rejected a few levels. Yearly horizontal, 0.236 Fib and the "local" monthly combined were acting as a huge resistance. Combined with the massive run since March 2020 Crash, a retrace made sense and is healthy.
A retrace to 0.25 Chf would make sense, that's where I initially entered the trade and also bought Call Options.
Although it would make sense technically, a 40% retrace seems unlikely to me in the current environment with green energy, MBTN's new business plan and ambitions.
If I was looking for an entry into MBTN, I'd observe the latest resistance I lined out above.
Once claimed, it can see a healthy run up to 0.66 (Key-Resistance/Support) and up to 1 Chf which is the Golden Pocket pulled from the last high.
The trend remains bullish, no need to think otherwise until proven wrong.
SXY 31 October 202031 October 2020
As anticipated, SXY has broke the support trend line from last week movement.
At the moment it's at another support area, and stoch is nearing in oversold area.
Would rather wait & see if support will be broken in next week market movement?
SMI: Bullish extension for Swiss Stocks to 10,400.The Swiss market has broken above the Rising Wedge's resisting trend line (dashed) and may follow the 1W Channel Up pattern (RSI = 63.217, MACD = 177.900, Highs/Lows = 173.0836) which started in early May. Based on the RSI break out it has an upside potential to at least 10,400.
Keep in mind that this break out is part of a larger bullish move as we illustrated in May (see the chart below). The Swiss Market Index (SMI) has entered a new long term Bull Cycle after it broke above its 12 year Resistance last April:
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SMI: New bull market on Swiss stocks. Excellent buy opportunity.The Swiss Market Index broke past the 9,600 1M Resistance in April. This level has been rejecting any upside movements since 2007. This is a cyclical mega long term development as a new bull market is emerging. Since it has been trading within a long term Channel Up (RSI = 59.500, MACD = 210.200, Highs/Lows = 364.7764) with recurring bullish leg, we have no reason to believe that this will be discontinued. If the current bullish leg also lasts around 1430 days, then this puts the next Higher High around 12,500 by late 2022. Excellent long term investment opportunity on Swiss stocks.
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