OK OK I am obsessed with the 50 day Moving average but the daily moving averages are the most looked at indicators by traders. So whether by intrinsic value or by virtue of a self fulfilling prophecy, the moving averages are important.
The 50D MA in orange has acted as support for months now, with strong bounces off it each time. That was until the last month now when the bounces became weaker and more frequent until finally 2 days ago it broke.
Since then we have retested the 50D MA, which is now acting as resistance, twice. So far it has held and rejected the increases, but it is, as of writing this, being tested again again now.
On the down side the bottom of the cloud and the year long trend line seem to be acting as support around 12 - 12.8.
I will be looking for it to bounce between these support and resistance for a few days before breaking one. Neither have been heavily tested as of yet.
I am currently flat, with buys set at 12k (trend line), 10k (100D MA, psychological support) and 8K (bottom of year long trend)
Thanks for reading.
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