Visiting SPI Futures 28/01/2016.

At approx. 20:00 Hours Melbourne Time, SPI Futures are having another go at the short term resistance zone which prior 6 tests failed. After three tests, I usually surrender !

Can we crack this resistance to the upside breaking the back bone of the bear ? We may my answer would be. A reasonable chance that it may happen.

Interesting thing is that, we have an INVERSE HEAD & SHOULDERS PATTERN in the making which would be completed, if we are successful at this test.

This HEAD & SHOULDERS PATTERN is the WYCKOFF SPRING in our WEEKLY TIME FRAME CHART if successful ( published at one of the earlier XAO Weekly Chart Analysis Posts). I am a firm believer of a FOLLOW THROUGH even if the pattern is complete. Therefore, when we wake up in the morning and the SPI FUTURES complete this pattern, we will have to wait another session for it’s confirmation before we can get excited about it.

If we manage to see a neckline breakout with a follow through, that would keep the bigger trading range ( trendless price action behaviour in the medium term) alive and a potential test of it’s resistance zone thereafter.

Any notable updates would be forthcoming if when on hand.

For now, enjoy your evening.

Daily SPI Chart below.

spi28012016

Disclaimer

All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.

Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.

Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.

Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.

 

 

 

 

 

Comments are closed.