Cookie Policy

Chartsview Blog

The Latest Blogs from Chartsview

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Archives
    Archives Contains a list of blog posts that were created previously.
  • Login

GKP daily cloud chart 18/07/13

by in ChartsView Blog:
  • Font size: Larger Smaller
  • Hits: 20011
  • 0 Comments
  • Subscribe to this entry
  • Print
20011
Picture
Tonight I thought we'd take a different view and look at the daily cloud chart because there have been some interesting developments lately. For more information on cloud, or Ichimoku, charts please click here

If we look to the left of the chart we can see how prices dropped below the cloud then re-entered and tested the top of the cloud from the inside. This is a classic resistance test and the breakdown was confirmed by prices dropping straight back down out of the cloud followed by the blue lagging line. This is textbook Ichimoku charting for a downtrend confirmation.

The last few days, however, and seen an exact (in fact even better) reverse event. Price broke up through the cloud to the 180p high, re-entered the cloud to test the support at the base and then popped straight back up out of the cloud. In addition (and this is what makes this even more textbook), the blue lagging line did exactly the same and closed today with its own re-breakout.

In addition, both price and lagging line are above the turning line (red) and the standard line (green), and the cloud on the right extreme is blue all of which are also bullish signals in Cloud charting.

The price downtrend which held the SP at 180p the other day falls at 177.75p tomorrow so a close above that and the 180p high are also required  for regular confirmation but I remain bullish here with an initial price target, subject to the closing break of 177.75/180p, of 218p.
0
Trackback URL for this blog entry.

Comments

  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Sunday, 18 November 2018