Price after week long consolidation mark down towards 260 but that turn to be buy dip opportunity for 200p rally just after.
If we focus on chart we can see price was slowly stepping down but each time get under trend line found support. Today was first significant hit under but again price just reacted to MA200 on 4h chart and rally strong.
What next? 12460 have to get clear or we have double top good sell signal.
Daily MA100 and 200 glued together and ATM calculating price at 12480, fail there is another sell signal.
Then finally down trend line of long term bearish trend which is unbeaten from beginning of year at about 12730 but first long term and very strong resistance 12630.
So buyers to succeeded real have to push their limits.
I’m still position bearish as nothing change, no improvements in global trade tensions, no much progress in EU – UK deal and now focus getting on Italy deficit.
So only reason is as DAX caught some of SP500 bullishness in no matter what only way is up. Rally is build on amount profit generated on long positions. That capital can keep absorbing sell pressure for longer and squeeze sellers further. Just how long it can go vertically up, perhaps until find large sell order, price shock occur and longs start cover.
I’m ready to be wrong as chart print strong buying but still something fishy there so will trade cautiously.
If you guys still hold long position well be careful here too, any weakens and is gone.