Monday, June 28, 2010

Top40 - end of the week update

It looks like volatility in our market dried up with the start of World Cup. ATR is back below 2% (10-day ATR) and it is pointing down very much. Will see what is going to happen in remaining two weeks.

Top40 tested high around 25300 on Monday, but it did not break it. Trend line connecting two highs (from April) was around same level. After failure to break above, Top40 got sold off for the remaining of the week, recording four red days in a row and closing week at 24263, which is below 200 simple moving average.

Stochastic turned down and currently is around 64, relative strength index is pointing down as well, but it is still above trend line that was made with positive divergences. Macd is above zero and signal line, but as well pointing down.

Coming week can bring us two scenarios: First one is another attack on trend line with high around 25300 and this time 89 simple moving average is there as well. On the bearish side, market can sell off even more and test 22900-23000 level one more time.

Moving averages, which help us to determine long, medium and short-term trends:
  • long-term (200sma) - DOWN
  • ntermediate (89sma) - DOWN
  • short-term (10ema) - DOWN
Trade with trend!


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Alsi Trader said...

Hi Warren

You can contact me on:

millenicom (AT) gmail (DOT) COM

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