🕺 Dancing Around Support, 8th October 2022
🖼 Daily Technical Picture 📈
➤ Equities took a dive towards the lower support level. Note that this support level has already been violated by a daily close to set a yearly low on 30th Sep. This makes it less reliable as a line of defence. Still, price did bounce off that level prior to end Friday trade.
➤ The momentum is with the Bears but we should tread carefully around these levels. Price could just as easily reverse course if there is hesitation to push lower.
➤ The European indices did not give me an additional short signal (as yet). They have bounced harder off the bottom than US indices and have held those gains much better.
➤ I reduced my exposure to -60% to take some profit prior to the weekend. Politicians/Govt Officials tend to do their best work on the weekend. Prices can gap either way if something happens. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Prices are dancing around support. A small solo dance to celebrate my wins but I'm in no mood to Tango.
➤ Equities took a dive towards the lower support level. Note that this support level has already been violated by a daily close to set a yearly low on 30th Sep. This makes it less reliable as a line of defence. Still, price did bounce off that level prior to end Friday trade.
➤ The momentum is with the Bears but we should tread carefully around these levels. Price could just as easily reverse course if there is hesitation to push lower.
➤ The European indices did not give me an additional short signal (as yet). They have bounced harder off the bottom than US indices and have held those gains much better.
➤ I reduced my exposure to -60% to take some profit prior to the weekend. Politicians/Govt Officials tend to do their best work on the weekend. Prices can gap either way if something happens. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Prices are dancing around support. A small solo dance to celebrate my wins but I'm in no mood to Tango.
🏆 eToro Popular Investor 💰
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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