Today was a good day for my bullish case. We had a MM breakout, although with a deep
retracement. I’d prefer neutral or
better. We also had confirmation of a
symmetrical triangle pattern. Entry
price was @ 1948 with stops @ 1881.
Minimum target was @ 2022, which we reached today. Complete target is @ 2047. We also had the engulfing candle pattern
entry on March 3rd. Finally,
prices also closed above the 20 DMA and monthly pivot point for the 1st
time since Feb 16th. The 10
DMA served as downside support. The next
upside obstacles are the 50 DMA, monthly pivot, a 261 Fib projection, and a
falling window.
Monday, March 13, 2017
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