Monday, April 19, 2010

ISEQ fast approaching support test

As we wait the response of US markets to weekend's events and Goldman's intrigue the reaction in Europe is clear. The ISEQ is not surprisingly down on the day, but it remains bound by channel support dating back to February's reaction lows - so while down it's not out - yet.

Zignals Chart Image

The next big test will come at 3,275 (and rising) which will be challenged today or tomorrow. Given the richly overbought markets there may only be a brief defense of 3,275 before a stronger push to the prior accumulation zone starting at 3,109 and ranging down as far as 2,800 (2,850 and 3,025 are internal support levels). Short players may want to wait for some relief before entering positions with a stop above 3,375; I can't see markets breaking the latter level for a while (maybe by the end of the year).

Trading Signals

Just one profit target exit for HPQ from "Developing a Trading Strategy" and a couple of stop exits for PVCS and FDSA on the London market. You can find the following strategies in the 153 trading strategies currently available in the Zignals MarketPlace


New Long Target and Stop for CBA (Sydney) at AU$59.69 (EoD): Target AU$65.81, Stop AU$53.85

BSE Zignals

Long Confirmation Entry for WRWDT (Mumbai) at INR1528.1
Long Confirmation Entry for TELCO (Mumbai) at INR773.5

Developing a Strategy

New Long Target and Stop for CSCO (Nasdaq) at $27.32 (EoD): Target $30.18, Stop $24.70
Long Confirmation Entry for KO (NYSE) at $54.34
Long Exit at Profit Target for HPQ (NYSE) at $54.05

Forex High Winners

Long Confirmation Entry for JPYUSD (FX) at 0.0110
Long Confirmation Entry for ZARUSD (FX) at 0.1370

Indian Golden Brown

Long Confirmation Entry for WRWDT (Mumbai) at INR1528.1
Long Entry for ASOK (Mumbai) at INR54.61
Long Entry for PGRID (Mumbai) at INR107.8

Relative Canada

Long Entry for KEY.UN (Toronto) at $26.13

Relative ETFs

Long Confirmation Entry for DXD (NYSE) at $25.12
Long Confirmation Entry for QID (NYSE) at $15.60
Long Entry for SDS (NYSE) at $29.06
Long Unacted Entry for TWM (NYSE) at $18.12 (EoD): Entry signal given, but exited position on same stock too recently (14) days ago.

Tri-Indicator UK

Long Exit at Stop for PVCS (London) at 45p

UK High Winners

Long Exit at Trailing Stop for FDSA (London) at 1414p

US High Winners

New Long Target and Stop for AAPL (Nasdaq) at $250.5 (EoD): Target $263.7, Stop $238.6
Long Confirmation Entry for KO (NYSE) at $54.34

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Dr. Declan Fallon, Senior Market Technician for, offers a range of stock trading strategies for global markets under the user id: ‘Fallond’, ‘ETFTrader’ and ‘Z_Strategy’ available through the latest rich internet application for finance, the Zignals MarketPortal or the Zignals Trading Strategy MarketPlace.

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