Momentum:
MACD: Positive
RSI: Positive Trend, in overbought territory
Stochastic: No clear signal, in overbought territory
Daily Price Action Trend: Positive
Last relevant high: 17,645.0
Last relevant low: 16,821.8
Comment:
In the middle of January not many people would of thought we could have had seven positive sessions in a row this year, but with yesterday’s higher close that is exactly what we have had. This is why we try not to ‘predict’ the market, we simple follow the market moves, we can only assume a lot of bears are currently nursing negative returns so far this year, where if they had just followed candlestick patterns and momentum they could have been showing a positive return so fat in 2016.
Anyway…. Yesterday’s market moves were not very inspiring, but we did form a new relevant high and therefore setting up another opportunity for a sell pattern today, this will be completed if: 17,551.3 is broken without 17,645.0 being bettered by the close of trading. Clearly with overbought readings on the momentum indicators any sell pattern must be seriously considered.
Same time tomorrow TipTV readers!
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