As mentioned in my yesterday's analysis,(RSI bearish divergence), the successful breakout of the former high @ 43'492 triggered further upside move towards, as expected, a high so far above the 45'000 area, with an intraday high so far 45'137.
We can see on this DAILY chart to different patterns :
1) A BROAD TRIANGLE PATTERN (currently attempting to breakout to the upside)
2) A RISING WEDGE FORMATION IN PROGRESS (potentially warning bearish signal !)
What does it mean ?
Well, today's closing level will may be bring more clues about the future development as the 44'800-45'000 area should be seen as an important zone to break at it represents on one hand, the downtrend line resistance of the triangle pattern previously mentioned and on the other hand the top of the rising wedge pattern in progress.
Therefore, a failure to successfully breakout the 45'000 area would put again a renewed selling pressure with 42'600 as first support level, ahead of 41'250 and 40'671, the latter level being the MID BOLLINGER BAND.
ON THE UPSIDE, the weekly MBB @ 45'408 will be the first resistance level to look at ahead of the top of the weekly clouds, currently @ 45'937.
GLOBALLY ON A WEEKLY PICTURE, WE ARE NOT OUT OF THE WOODS YET, THE KIJUN-SEN STILL IN RESISTANCE !
IRONMAN8848 & Jean-Pierre Burki
We can see on this DAILY chart to different patterns :
1) A BROAD TRIANGLE PATTERN (currently attempting to breakout to the upside)
2) A RISING WEDGE FORMATION IN PROGRESS (potentially warning bearish signal !)
What does it mean ?
Well, today's closing level will may be bring more clues about the future development as the 44'800-45'000 area should be seen as an important zone to break at it represents on one hand, the downtrend line resistance of the triangle pattern previously mentioned and on the other hand the top of the rising wedge pattern in progress.
Therefore, a failure to successfully breakout the 45'000 area would put again a renewed selling pressure with 42'600 as first support level, ahead of 41'250 and 40'671, the latter level being the MID BOLLINGER BAND.
ON THE UPSIDE, the weekly MBB @ 45'408 will be the first resistance level to look at ahead of the top of the weekly clouds, currently @ 45'937.
GLOBALLY ON A WEEKLY PICTURE, WE ARE NOT OUT OF THE WOODS YET, THE KIJUN-SEN STILL IN RESISTANCE !
IRONMAN8848 & Jean-Pierre Burki
