S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
Facts:
- The RSI on the FRA40 chart will again reach a level above 60
- The MACD [12/26/09] line crossed the signal line from above
- The price on the chart is approaching the level of the last peak (around 8630)
Trade : Short position (SELL) on FRA40 at market price
- Target: 8270
- Stop: 8730
FRA40 (D1)
Source: xStation5 OPINION : The RSI [14] indicator has again moved above the 60 level on the price chart of FRA40 contracts, which, as can be observed over recent quarters, correlates significantly with downward corrections. Using the ranges of previous corrections, Fibonacci ranges, and EMA averages, a developing double top formation can be identified, which could push the price below the ~8500 level. Methodology and assumptions:
- The recommendation was based on technical analysis of the chart, in particular EMA averages, Fibonacci levels, EMA averages, and MACD.
- The target level was determined using Fibonacci levels.
- The protective stop loss order was set based on a favorable risk to reward ratio.
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