Thursday, February 27, 2014

New High Tomorrow?

We got more of the same today with prices staying within a triangle. However, short term oscillators have been reset and the bias is up. Also, I drew a trendline for a triangle containing today's price movements however one could argue today's wave broke out of a tighter triangle so chances any more upside outside the upper trend will result in an all time high. If resistance is broken I will get back in long if I see a tradeable set up. I did however buy more China related shares on my long term portfolio and will probably add some more early next week.
Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.

No comments:

Post a Comment