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OPINION

Nine years and counting

Nine years and counting
February 24, 2017
Nine years and counting

DAX 30

Still making little headway at the psychological 12000 even though there are few strong chart levels around here. Keep in mind that the record high in April 2015 is 12390.75.

SHORT TERM TRADER: Square.

POSITION TAKER: Square.

FTSE 100

A second consecutive tiny little shooting star candle which forms part of what might turn out to be a gently small rounded top – with a weekly close below 7240 needed to complete. Remember that the record high in January 2017 is 7354.14.

SHORT TERM TRADER: Small short at 7265; stop above 7355. Target 6950.

POSITION TAKER: Square.

S&P 500

A second consecutive minuscule doji candle at the record high and horribly overbought on the RSI.

SHORT TERM TRADER: Square.

POSITION TAKER: Square.

BRITISH POUND/US DOLLAR

A resounding victory for Mrs May and her Tories at the Copeland by-election last night, concentrating her grip on power in stark contrast to what is going on in some other EU countries with elections looming. Helped cable up a little notch.

SHORT TERM TRADER: Small long at 1.2535; stop below 1.2400. Target 1.2730.

POSITION TAKER: Square.

EURO/US DOLLAR

Bouncing from important support in line with cable.

SHORT TERM TRADER: Small long at 1.0625; stop below 1.0500. Target 1.0730/1.0800.

POSITION TAKER: Square.

GOLD

Bullish momentum increasing as prices rally to the Fibonacci 61 per cent retracement level.

SHORT TERM TRADER: Stopped myself out this morning for a loss and happy to do so as have been nursing this dreary short position for too long.

POSITION TAKER: Square.

MORE FROM NICOLE ELLIOTT...

Nicole Elliott is a longstanding Member of the Society of Technical Analysts and provides the IC's trading coverage. She is regularly interviewed and quoted by the financial media, is a conference speaker and author of several books on charting.

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