As I said on last week's forecasts, Australian index rose tremendously to the upper side following the bullish pin closing above 5658.7. Last week, this index rose further than expected and even broke out above the daily resistance level 5809.2. This is a bullish dominance sign, and as long as the price remains above 5809.2, I'm patiently waiting for a minor pullback to the just broken zone to pick a long position with my take profit set at 5969.9. If the price close below 5809.2, then a short position towards 5658.7 will be expected.
Technical levels:
Resistance levels
R1: 6001.1
R2: 5496.2
Support Levels
S2: 5692.3.
S1: 5500.0
Trade Signal
Wait for a retracement to the just broken line to buy this index towards 5969.9
German Stock index still to rise
Technical Observation:
Recently, the German stocks index Gapped above a key weekly resistance line 12851.0 and is still rallying above. This gap above a major resistance line is an indication that bulls are in complete dominance, thus, further upward rally is still expected. That said, I 'm waiting for minor pullback towards 12942.2 to re-buy this stocks towards 13000.00. If the price go below 12942.2, then the price could continue to plummet towards 12851.0 where I'll be waiting for buy position. On the way upwards, key resistance lines can be seen at 13461.0 and 14109.00
Trade Recommendations:
Wait for minor pullbacks towards 12942.2 to buy DAX30 towards 13461.0
BitCoin could still be rising
Technical Observations:
Recently, Bitcoin spiked upwards and even made a fresh highest high and even closed above the resistance 4856.79. The previous drop in Bitcoin's price was based on rumors, and now that the Chinese Government will not be placing any ban on Bitcoin trading, Bitcoin could surge even higher towards 6000, to 7000 and even higher 15, 000 in the near future. As it is, if Bitcoin can pullback towards 4856.79, then this will be a very good place to buy it with a take profit above 6000. At the moment, sell positions cannot be recommended.
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