Once again, market didn't go down further. Bad news didn't manage to flip the market over. The most important thing is higher low stood the test. With the negative DI coming down and positive DI trickling up, i would be anticipating a bullish crossover. The race is on between MAcD centerline crossover and adx bullish crossover. However, it must be noted that indicators are slower. That's why I am keen to observe how the resistance level holds up. Currently 20-day moving average is flattened and may offer some form of resistance. Another keen level is 1916. Bottoming evidences are surfacing through support and declining volume. But plenty of overhead resistances, hence the road to north will not be easy. Every resistance is still a short to me. Because the 20-day MA has flattened, shortists should watch out for a change in trend.
I started a small long position in capitaland with the view that we may visit the resistance level at 3.27. Since the price is far away from normalcy, my view is a rally may happen to return to normalcy. For this trade, i will be using a tight stop as the downside can fall back to 2.30s..
After XPertTrader screening the course strategies, it yields no high probability result. Hence the wait continues. For the benefits of those who don't know what i am talking about, these course rules covered trending stocks as well as swing trading opportunities. Hence it makes trading much simpler.
DISCLAIMER: The contents in this website are for fun reading and must not be taken as a buy or sell advice. You must do your own analysis on top of my postings. By reading this blog, you agreed that i am not responsible for your trading.
