Good morning/afternoon to you all.
Context
The EU’s broad agreement to bailout Spanish banks has seen the market Gap up on opening and the sit and wait. The fundamentalists have to many conflicting stories, with the bail out and lingering concerns over this weekend’s Greek elections leading the way.
Yesterday's Report
Friday the market broke our trend line and went to daily support as predicted, it tested the level for some time before bouncing away. Those that follow this blog should have had another good day.
Technical Analysis
The market has opened with a gap, and while it still has a couple of open gaps above, it doesn’t like leaving gaps open. I expect to see this gap below closed in the short term. Weekly pivot is below Monthly pivot indicating the long term move down, and daily pivot above weekly pivot to reflect the shorter term rally.
The Day Ahead –
Fundamentals are messy this week, trade carefully. Price might especially bounce around on predictions of the greek election.
I expect that price having tested Monthly pivot and resistance will start and move down towards and possible beyond Daily pivot today. I will be looking to sell a lower high during the day, but will be very careful around the open ok the UK market, when the volume comes to consider the weekends activities.
Break of Monthly pivot, and Resistance with e retest would be my long entry. I don’t favor the long today so will want to see the retest as confirmation.
NO News Today GMT
All the best
PLB
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