Market Opinion for Trading Week 25 ~ 1 Mar 2013
Have fun trading !~
Recap on last week
Still holding above 151 at week close and above 150 at lowest.
Accuracy : 4/5 80% (well missed it by alittle could have the winning steak arghh haha)
Check out the weekly candle stick pattern. What's your feeling of the candle ?
Bulls are being pushed and test at the support of 150. And they are not going to give in easily. But they lack commitment to push it up at the end of the trading week.
Bears might take advantage of this as bulls are giving signal of weakness and lack of commitment. Most of the people are gonna stay on the side waiting for a couple of big bulls or bears to take the lead.
Pattern
There are only 2 similar pattern from the past 1 year plus candles.
1) Around Mar 12 which, the following week gap up and weekly candle closed higher.
2) Around Sep 12 which gap down and weekly candle closed lower.
As per last week,
After seeing this, here comes the question, if i m the big boys what would I do to make money ? Most people would see this as sign of weakening or even reversal. I would rinse and wash before pushing the price up again. Hmm maybe just below 150 to trigger all the stops $ KaChing $
Technical
Last Bullish candle lack commitment from the volume and it's floating just above the SMA20. Daily candles are falling down on the SMA 20 or rather getting closer and one session break below last week.
150 seem to be a good support with quite a couple of contact points. Will it hold the bears coming out from hibernation ?
Opinion of the Market next week : sideway with little down side to test the support
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