Daily Update
- End of the corrective rally could instigate a move lower
- Failure to break above 1189 (38.2% Fib) and 1192 (suggest a weak corrective rally)
- Only a break and close above 1205 and 1216 will indicate a bullish reversal
- Bollinger band is converging for a potential breakout
- As shown on chart above, BB converging with all the MA (June 2014) could replicate in current price action
- RSI has not reach oversold territory yet
- Envisage a retest of 1155 levels before a reversal higher?
- End of the corrective rally could instigate a move lower
- Failure to break above 1189 (38.2% Fib) and 1192 (suggest a weak corrective rally)
- Only a break and close above 1205 and 1216 will indicate a bullish reversal
- Bollinger band is converging for a potential breakout
- As shown on chart above, BB converging with all the MA (June 2014) could replicate in current price action
- RSI has not reach oversold territory yet
- Envisage a retest of 1155 levels before a reversal higher?