Current level is 12409 and trading above the 40 week rising moving average of 11755, but below the falling monthly pivot level of 12531. The 14 week relative strength index is currently at 57%. Its support and resistance structure currently paints a somewhat negative picture. Immediate downside targets are the 40
week moving average at 11755 and then the Fibonacci 38.2% retracement of 11327, calculated from the high of 12952 made at the end of June 2017 to the low of 8699 made in February 2016.
The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities.
Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.
Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
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