Momentum:
MACD: Positive
RSI: Positive Trend
Stochastic: Sell signal in overbought territory
Daily Price Action Trend: Positive
Last relevant high: 16,664.3
Last relevant low: 16,278.0
Comment:
The Dow rallied yesterday; in fact we are getting the feeling that just watching the oil price will dictate where the Dow is going to close! Needless to say price action is the most important indicator and we are now in a positive daily trend with a new buy signal. Oddly like the FTSE we didn’t have inspiring volume to help give us more confidence that this rally has legs and the stochastic is negative.
From a technical point of view we remain positive until the market tells us otherwise! A sell signal will be formed today if by the close of trading if: 16,417.3 is broken without 16,664.3 being bettered. Traders most note that GDP figures on Friday will dominate short term moves so it may be prudent to close any trades by the end of Thursday’s session.
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