The market closed the week down -1.32% but managed to maintain its TA positive. Still, price action continues to point to a bounce and we could see substantial selling resume soon, especially if resistance at 2950 is not breached. There is nothing fundamentally that justifies these price levels (just look at oil demand) and I think it's just a matter of time before equity prices reflect their true value. We are now in a global recession with a pandemic that is not going away until at least late 2021 if we are lucky so there are plenty of reasons for the next leg of the correction to come.
I will be updating on the weekends until my business situation stabilizes. I thought I would have plenty of time during the lockdown but I won't have spare time during the weekdays until I get the new staff fully trained. Maybe in another month I will be able to sit down at Starbucks again and have some coffee while I write! Stay safe and healthy!!
Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bearish
Long Term Trend = Bearish
* 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
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