The HSCEI remained opened comfortably above the daily pivot @ 11,904 and never looked back -reaching 11,593 near the 1.272 Fib extended target of 11,616. The HSCEI is extended in both the 60 min and daily time-frame and is due for a pullback.
Daily Trading Signals
The following signals were generated for 21 Jul:.
High Continuation & Reversal Signals are fired when the preceding trading day exhibits a strong compressed bullish trend move throughout the entire day and closes fairly strong near the top of the day’s trading range. The signal implies that the strong bullish move has moved too far, too fast and that a reversal is likely sometime during the trading day.
The Momentum Reversal Sell Signal is a stronger reversal indication than the High Continuation & Reversal signal. This momentum reversal signals typically fire following a trend move the previous day that has traveled too far, too fast and is accompanied by an extreme short term Relative Strength Index that indicate a very high probability for a reversal. While the High Continuation Reversal Signal points to a good likelihood for a reversal move sometime during the trading day, the Momentum Rebound Sell Signal uses the 1st hour Low as a specific price level that needs to be exceeded to trigger the Momentum Rebound Sell Signal.
Exceeding the low reached in 1st hour of trading triggers the Sell signal.
Today’s daily pivot is 11,488, and the weekly pivot is 10,856. Price action above the daily pivot is bullish. Specific price levels and projections are discussed on the charts below.
Short term 60 Min
60 min chart is very extended. An hourly close <>
Daily
The daily close > 11,078 targets 11,616 and higher. Fib target has been met. A daily close > 11,616 and prices are likely to test 12,007.
Weekly
The weekly oscillator crossed bullish on Friday 17 Jul.
Long Term support 8,197.
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