It's still too early to suggest the trading range thesis is done given it has yet to really start but a close above 1,020 would convert all the volume of the past week into net longs (or shorts scrambling to cover).
Should 1,020 break then the first challenge appears at 1,030 which marked the low end of early April congestion. On the positive front, there wasn't a significant level of trading volume during this phase so future supply is likely to be limited.
At the moment, shorts are likely to be the busier of the two groups as MIDD lingers around 1,010, but a late day flourish will leave many nervous and unlikely to want to hold positions overnight. However, 'selling the news' is a cliche because all too often it's proven true.
As for 194 Trading Strategies available in the Zignals MarketPlace it is a quiet signal day (so far today and yesterday's EOD signals), particularly for Indian stocks.
ASX Price x 20-day MA
Long Exit at Trailing Stop for OSH (Sydney) at AU$5.58 (EoD) on 11 May 10
Developing a Strategy
Long Entry for AAPL (Nasdaq) at $252.4
ETF Uber Win
Long Entry for SSO (NYSE) at $37.90
New Long Target and Stop for SSO (NYSE) at $41.69 (EoD): Target $46.15, Stop $39.85
Frankfurt High Winners
Long Unacted Entry for GWK3 (Frankfurt) at €28.56 (EoD): Entry signal given, but exited position on same stock too recently (2) days ago.
Long Unacted Entry for SAZ (Frankfurt) at €29.76 (EoD): Entry signal given, but exited position on same stock too recently (7) days ago.
Long Confirmation Entry for AFX (Frankfurt) at €11.57
India Oak
Short Confirmation Entry for ONGC (Mumbai) at INR1052.1 (EoD)
Irish Oak
Short Entry for DQ5 (ISEQ) at €2.66
Relative Canada
Long Entry for DCI.UN (Toronto) at $15.62
Long Entry for MLX (Toronto) at $12.07
Long Unacted Entry for CHE.UN (Toronto) at $11.63 (EoD): Entry signal given, but exited position on same stock too recently (13) days ago.
Relative UK
Long Entry for 888 (London) at 73p (EoD)
UK Golden Brown
New Long Target and Stop for BJU (London) at 182p (EoD): Target 201p, Stop 165p
Long Confirmation Entry for CRW (London) at 411p
UK High Winners
Long Confirmation Entry for CRW (London) at 411p
New Long Target and Stop for BJU (London) at 182p (EoD): Target 192p, Stop 174p
Long Unacted Entry for PVCS (London) at 46p (EoD): Entry signal given, but exited position on same stock too recently (8) days ago.
US High Winners
Long Unacted Entry for AAPL (Nasdaq) at $252.4 (EoD): Entry signal given, but exited position on same stock too recently (12) days ago.
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Dr. Declan Fallon, Senior Market Technician for Zignals.com, offers a range of stock trading strategies via his Zignals home page. Each Zignals member has an unique home page which they can share with friends and clients to sell their strategies. Zignals offers a full suite of financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash. Read what others are saying about Zignals on Investimonials.com. JOIN US TODAY - IT'S FREE!
