A Healthy Correction Narrow Range Trading between 2 neck line:
1. The upper side: 42.52 (Key Pressure Neck Line)
2. The lower side: 39 (Support Neck Line)
Key Pressure
1. 150 (half year working days) days Moving Average:
2. Key Pressure Neck Line: 42.21 is The Low price of 2015/08/24. We connect this point to the low 42.41 of 2015/12/02 forming a key pressure line.
Key Support:
1. Support Neck Line: 45.17 is Low price of 2015/01/14. When we connect it with the low price 42.21 of 2015/08/24 forming a support neck line.
2. 22 days(monthly) moving average.
3. Down Trend support Line: 2015/05/06 High 69.61 connect with 2015/10/09 High 54.09 forming a major down trend support line.(Pressure become support)
Re-Testing the support side on Tuesday, get a good support above the Support Neck Line.
Maybe it will be another range trading next week, retest the upper side and retest the lower side.
1st Target: 44-44.5
2nd Target: 49:
Pressure: 42 - 42.5 (150 MA), then 44.5 (200 MA)
Support: 39, 38.6, 37.50
1. The upper side: 42.52 (Key Pressure Neck Line)
2. The lower side: 39 (Support Neck Line)
Key Pressure
1. 150 (half year working days) days Moving Average:
2. Key Pressure Neck Line: 42.21 is The Low price of 2015/08/24. We connect this point to the low 42.41 of 2015/12/02 forming a key pressure line.
Key Support:
1. Support Neck Line: 45.17 is Low price of 2015/01/14. When we connect it with the low price 42.21 of 2015/08/24 forming a support neck line.
2. 22 days(monthly) moving average.
3. Down Trend support Line: 2015/05/06 High 69.61 connect with 2015/10/09 High 54.09 forming a major down trend support line.(Pressure become support)
Re-Testing the support side on Tuesday, get a good support above the Support Neck Line.
Maybe it will be another range trading next week, retest the upper side and retest the lower side.
1st Target: 44-44.5
2nd Target: 49:
Pressure: 42 - 42.5 (150 MA), then 44.5 (200 MA)
Support: 39, 38.6, 37.50