The real question is what's the upside?
If your long term view is bearish then the likelihood is for a reversal head-and-shoulder pattern; in this pattern there are two left-hand-shoulders at 945 (November) and 962 (January) and a head at 1,064 from April. If we are to see a right-hand-shoulder (and more likely two) then the first of these should appear around 1,015 depending on the length of time it takes the current bounce to get to a resistance line connecting the two left-hand-shoulders.
From there look for another move back to rising support then a bounce back to complete the second right-hand-shoulder before things really turn south.
A more bullish scenario raises the bar for a new upward price channel with resistance anchored at the April high. This would measure up for a first upside target close to 1,100. But for this to happen it would require negating the bearish scenario first!
On the trading signals front it was quiet on both the long and short front. Only one of my 58 trading strategies was busy generating signals - and most of these were for unacted signals!
ASX Price x 20-day MA
Long Unacted Entry for DJS (Sydney) at AU$4.38 (EoD): Entry signal given, but exited position on same stock too recently (3) days ago.
Long Entry for STO (Sydney) at AU$12.40 (EoD)
Long Unacted Entry for ANN (Sydney) at AU$12.48 (EoD): Entry signal given, but exited position on same stock too recently (3) days ago.
Long Unacted Entry for WPL (Sydney) at AU$42.94 (EoD): Entry signal given, but exited position on same stock too recently (9) days ago.
Long Exit at Stop for QBE (Sydney) at AU$19.08 (EoD)
Long Unacted Entry for OSH (Sydney) at AU$5.52 (EoD): Entry signal given, but exited position on same stock too recently (4) days ago.
Long Unacted Entry for ORG (Sydney) at AU$15.03 (EoD): Entry signal given, but exited position on same stock too recently (7) days ago.
ETF Kauto Star
New Long Target and Stop for TWM (NYSE) at $21.05 (EoD): Target $23.82, Stop $20.57
Long Entry for DXD (NYSE) at $29.74 (EoD)
India Oak
Short Confirmation Entry for SBI (Mumbai) at INR2264.5
Indian Strength
New Long Target and Stop for ONGC (Mumbai) at INR1179.4 (EoD): Target INR1313.4, Stop INR1098.5
Long Exit at Trailing Stop for HALC (Mumbai) at INR143.2
Tri-Indicator US Dividends
Long Exit at Stop for BP (NYSE) at $37.34
UK Golden Brown
Long Confirmation Entry for TBK (London) at 511p
UK High Winners
Long Entry for TBK (London) at 511p
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