The overnight rebound high was 0.
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For six weeks there has been the development of a downtrend with a series of lower highs where the bulls fail to sustain recovery traction. We still believe that this near term bounce will struggle for sustainable gains, but certainly for now, the market is tracking higher. These resistance levels are therefore key. Momentum has ticked slightly higher but is still within the confines of selling into strength.
We continue to be worried for sterling bulls. Given the weakness of the dollar versus the euro and the yen in recent days, the fact that Cable has barely moved should be seen as a concern for long positions. It is a market that has shown very little appetite for recovery and we see additional downside as likely. Even this morning, early gains in Asian trading are being snuffed out. Following such a huge bearish candlestick from Thursday with another decisive bear candle to breach key support at A close below There is renewed negative intent on momentum indicators with a bear cross on MACD lines and Stochastics turning lower.
The old support at However, the RSI is negatively configured and momentum is with this sell-off now, so downside targets are open.
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The bulls are using near term weakness as a chance to buy. The improvement coming through on momentum indicators adds to the confident outlook now.
It seems as though moves in recent weeks have not been straight line and this suggests that opportunities for the bulls will present themselves. We continue to be buyers into weakness. The chart of WTI is still dominated by the huge bear candle from Thursday.
Even though the market rebounded impressively on Friday, this still looks to be a chance to sell. Momentum indicators are tracking lower with downside potential. The rebound on Friday seems to be failing at the underside of the old seven week recovery trend.
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Also failure is around the old Wall Street remains under pressure as the Dow has closed in negative territory for a fourth consecutive session. Although the selling pressure may not have been as great on Friday closing well off the day low , the market is now consistently breaching supports and the bears remain in control.
An acceleration lower on momentum indicators may just be slowing a touch, but the corrective outlook is still in force. Breaching 26, was a key moment and this is now a basis of resistance overhead. Intraday rallies are a chance to sell.
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