One to put on the radar!A combination of sideways trading over a 6-week period, a mild buy signal on the DMI and the fact that price is consolidating above its 55-day ma all suggests to us that the market is trying to base.
We have cloud resistance that the market is pushing quite hard into, and should we see a close above 4.5042, the recent high it should be well placed for further gains to 4.55/4.56 and potentially to the 200-day ma around 4.5950.
Maintain a positive bias for now while above the 55-day ma at 4.45.
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
