Wednesday, February 3, 2010

J200 15min chart

Hereto is presented Top40 (J200) 15min chart.

J200 was in the long down channel that broke around 22. January 2010. New steeper channel was formed and it was broken yesterday and backtested during morning session. Target for that channel is around 24700. At the same time, this target will test downtrend line which started early in January 2010. MACD showed positive divergences before this upsurge, pointing to us that bears are losing momentum.

Small falling wedge was formed as well and it was broken on Monday, with target being reached already.

Conclusion is that we can get another 300 points on this upside move.

Trade with trend!


Anonymous said...

Thank you Igor for very clean and coherent post which gives simple feeling of the market action, leaving some food for though when it comes to 30min system and expectations of this Long trade we are in.
Very nice.
Keep it up!

Alsi Trader said...

Thank you Anonymous for kind words