Wednesday, February 13, 2013

Feb 13 - Short-lived breakout from downtrend line

To my dear readers,

~~*~* Happy Chinese New Year 2013 !! Gong Hey Fatt Choy !! *~*~~


It's 4th day of CNY, I monitor the market as usual because we are actually at quite a critical price level currently. A make or a break will determine the next mid-term trend, either an up or a down one.

This morning saw a swift break of the past week downtrend line, at the opening gap of 1,626.5 level, which subsequently trigger up to 1,640 & quickly reversed back down to opening level, & lower.

Since tested the long-term support of 1,587, price has saw a strong recovery back up to above 1,600 level, forming an uptrend line that has supported the rebound the past 2-3 trading days.

As of writing, the current day low is at 1,622.5, right above that short-term uptrend line from 1,587 low.
To invalidate the morning gap up bullishness, price will have to close in red, preferably below the 1,620-25 important support level to continue previous downtrend from 1,705 peak.
We will see to that.
FKLI - Opening gap, temporary break of short-term downtrend line (Feb 13)

In the mean time, enjoy the CNY celebration & it doesn't hurt if you even make some angpau money as the market open to the new Snake Year of 2013!!

Happy CNY!! Huat arr!! :D


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