This weekly Trend Analysis table uses a proprietary algorithm to identify trend direction, strength of trend, & entry/exit signals. It also indicates key support/ resistance levels based on traditional technical analysis. If an entry/exit signal comes on Friday, it will be mentioned in this table else it is posted in weekdays on this blog.
Some major trend reversals are forming. Gold and EURUSD are indicating possibilities of an end of their long term downtrend. Crude may also join them. Russian index RTSI may bounce riding on crude.
GOLD
|
PCP
|
1233.90
|
ACTION
|
None
|
S2
| 1200 |
TREND
| Down |
STRENGTH
|
Low
|
S1
| 1220 | |
POSITION
| Mid cycle |
R1
| 1243 | |||
REMARK
| May consolidate between 1150 - 1300. It is forming a long term bottom but is in downtrend in medium to short term. Investors may accumulate on dips. Traders avoid heavy short positions. |
R2
| 1265 | |||
CRUDE
|
PCP
|
51.69
|
ACTION
|
None
|
S2
| 38 |
TREND
| Up |
STRENGTH
|
Low
|
S1
| 44 | |
POSITION
| ? Weekly chart is indicating a bottom |
R1
| 57 | |||
REMARK
| Long term trend is still down. If crude sustains above 57 then an uptrend may be considered. Avoid shorts. |
R2
| 65 | |||
S&P500
|
PCP
|
2055.47
|
ACTION
|
Hold long
|
S2
| 2000 |
TREND
| Up |
STRENGTH
|
Low
|
S1
| 2030 | |
POSITION
| Mid cycle |
R1
| 2066 | |||
REMARK
| Avoid short selling |
R2
| 2095 | |||
KOSPI
|
PCP
|
1955.52
|
ACTION
|
S2
| 1922 | |
TREND
| Down |
STRENGTH
|
Low
|
S1
| 1950 | |
POSITION
| Near short term top, long term bottom |
R1
| 1963 | |||
REMARK
| Long term downtrend is weakening and last month's low of 1876 may be bottom for this swing. Prefer buying on dips. |
R2
| 1990 | |||
RTSI
|
PCP
|
828.4
|
ACTION
|
Hold long
|
S2
| 700 |
TREND
| Up |
STRENGTH
|
Medium
|
S2
| 772 | |
POSITION
| Near long term bottom, rising in short term |
R1
| 893 | |||
REMARK
| Long term down trend is approaching a bottom. Trend is up in short term. Avoid shorts. |
R2
| 1000 | |||
EURUSD
|
PCP
|
1.1316
|
ACTION
|
None
|
S2
| 1.00 |
TREND
| Down trending |
STRENGTH
|
Low
|
S1
| 1.10 | |
POSITION
| Near long term bottom |
R1
| 1.167 | |||
REMARK
| Long term trend is down. An uptrend may form as 1.12 is a multi years support. Traders avoid heavy short positions. |
R2
| 1.20 | |||
Abbreviations used -
- PCP = Previous closing price
- S2 = Second support, S1 = First support
- R1 = First resistance, R2 = Second resistance
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