Seems to me that a bull flag is in progress

3/23/2012 Bull-Bears talk: 
Bear was aggressive at the open and had maintained his pressure on bull for almost first 43mins. Bear made a slightly lower low at 1386.97, however he couldn't find alliances then and quickly retreated and returned the control of the game to bull for the rest of the trading day. 
Bull expressed his impatience when defended early and at a higher level than technically calculated (1386.97 instead of 1386 - more exactly recalculated = 1385.74). 
The index closed in green after making intraday high at 1399.18, a little bit short from my target 1401.48.
The short-term rising trend-line showed in the Friday chart was respected.
The Bull-Bear battle last Friday and the overall picture make me a favor given to bull next Monday.
Pattern talk: 
Seems to me that a bull flag is in progress, that will favor a higher odds for an upward exit at the 3rd-touch with the upper descending line.
Day Trade:
My evaluated support/resistances are [1390.00 - 1393.00]/[1401.50 - 1403.60].

1 comment:

GreedyKojiro said...

Nice call on bull flag!