Will 355-360 key support hold again? - Update with weekly chartWeekly:
- Ichimoku setup is neutral with bearish biased, but asbias. Mkt have been missing real bearish momentum in 2015, Kumo was tested couple of times and forward Kumo has become thin and flat: will be easier to break through in case if a reversal.
- Major bearish trendline is close with its appr. 396 value. Against this we have a shorter term bullish trend channel, with support at 355-360 range. Market is stuck between these support resistance levels. Bears would need a massive break below 355, while Bulls could take a startegic lead really above 400
- Heikin Ashi candle is bearish, but smoothed haDelta shows losing momentum again. If we close the week higher from current spot price, then weekly candle will have a higher low.
- EWO has minor bearish bias, but vitually almost at zero: market doesn't have a trend wave, just range consolidation.
Daily:
- Ichimoku setup has bearish bias, but for validation Price should break prev low (resistance) at 355.
- Heikin Ashi signalled drop in selling interest in last two days as Price approached 355-360 zone. Heikin Ashi candle turns small green, with smoothed haDelta trying to move back above zero line.
- There is some chance for a pull back to 373 key level. For a bullish reversal Price has to close above 380
I still think the chance of a strategic bullish reversal is slowly increasing. First 355 should hold as firm support, then the upper key levels have to be cleared at 380 and 400.
Who knows what El Nino brings us next year...
Note: I keep small long for now as swing trade.
