Quick Tech Update: 19 Nov 2020
Nov 19, 2020
Turbo Thursday again today, we know how powerful that has been in this rally (now 10 Thursdays, with only 1 decline). But this time a possible twist — we begin the TD royal flush today:
Daily TD 9 — Today (Chart 1)
Weekly TD 9 — Monday (Chart 2)
Monthly TD 9 — Next Monday (Chart 3)
- The daily support we’re watching is the parabolic trendline which is currently at 16,500–17,000 — this will be the first level where we look for a good reaction in any selloff. (Chart 1)
2. Should a very quick and deep reversal take place, which is not our base case right now, the weekly trendline support will prove very strong at 12,500 — and that’s a level we have been looking to sell our closer puts. (Chart 2)
3. On the monthly chart, 13,500–14,000 is a very key level for the uptrend to extend as it has done and we will not be looking for a monthly close below this level. (Chart 3)
