Recommendation: HOLD
Current Trend: Up on all main timeframes.
Strategy: Continue to hold the current long position; look to tighten stops soon.
- Chart Setup: The S&P pulled back to line 4 and gave a bottoming tail, bullish candle off there. It’s gone on to close above line 5 (another buy signal) and continue higher. I'm looking for more upside to come.
- Its short-term Stochastic is not fully overbought yet, and is still bullish.
- Strategy Details: Hold the current long trade.
- Target: Up to 2615, based on channel 1-2. We did advise to take partial profits at 2600 which was reached Tues. night; no harm in that, but I'm expecting it to still go higher.
- Short-term support is 2585.
- Stop-loss: Raise the stop to a close below 2589. From 2610 raise it again to a breaking of its prior one-day low.
To subscribe to more research by Colin please go to his website www.themarket.co.za
COPYRIGHT:
THIS NEWSLETTER IS TO BE READ ONLY BY CLIENTS OF GLOBAL TRADER. UNDER NO CIRCUMSTANCES IS IT TO BE SHOWN (OR GIVEN) IN PHYSICAL OR ELECTRONIC FORM TO ANY OTHER PERSON, WITHOUT THE PRIOR CONSENT OF THEMARKET.CO.ZA. FURTHERMORE, ELECTRONIC TRANSMISSION (EMAIL), REPRODUCING, AND/OR DISSEMINATING THIS DOCUMENT (OR PART THEREOF) IN ANY OTHER MANNER WITHOUT THE WRITTEN CONSENT OF THEMARKET.CO.ZA IS A VIOLATION OF THE COPYRIGHT LAW - AND IS ILLEGAL.
