Previously posted about the candle that broke the market's back. It continued to test resistance for the next few days, and then broke down marginally, only to fake it and in one session reversed to close at a recent high. And this followed through to close the week in a massive three day streak of higher high closes ending with a bullish marubozu! The technical indicators are all good and aligned, crossing up and looking for more upside space.
Green circles mark descriptions.
Clearly BULLISH.
A wonderful end to the week, the month, and the first quarter of 2023!
Going forward, in the short term, any pullback to test the 12,900-13,000 support area should see a quick bounce. Upside target is now 14,400 (end April, early May)
In contrast, breakdown zone is now below 12,800.
PS. I still see 2023 as comparatively more volatile. For now, there appears to be some stability in the trend, so I would just go with the flow until near to the time when the music stops.
Green circles mark descriptions.
Clearly BULLISH.
A wonderful end to the week, the month, and the first quarter of 2023!
Going forward, in the short term, any pullback to test the 12,900-13,000 support area should see a quick bounce. Upside target is now 14,400 (end April, early May)
In contrast, breakdown zone is now below 12,800.
PS. I still see 2023 as comparatively more volatile. For now, there appears to be some stability in the trend, so I would just go with the flow until near to the time when the music stops.
Slight adjustment to the upside target for time to week of 8th May