Technical
Monthly: Looks to be forming a bearish Ending Wedge pattern. A break of trend line support at 12145 and the measured move target is 8695. Rallies have stalled and found sellers near 13200.
Weekly: Forming a bearish Head and Shoulders pattern. A break of 11593 (neckline) is needed to confirm the pattern. The measured move would then be 9728. We posted a bearish Outside Week (often an indication that a top is in place) at the 78.6% pullback level of 13195 (from 13601-11706). This has been followed by a bearish engulfing. The last 3 weeks have corrected higher and this may provide a selling opportunity.
Daily: Price action has stalled at 12100 and a correction should find resistance around the 13000 psychological area. The downward trend line resistance and 78.6% fibonacci retracement, will give medium term bears additional confidence. Preferred trade is selling on a rally to 13000.
Action:
We look to Sell on a rally at 13000
Stop: 13200
Targets: 12300 & 11700
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