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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EQUITY TECHS
Shooting star candle warns of waning bullish sentiment in E-MINIs.
- The result of yesterday's failure at the day high is a bearish candle pattern known as a shooting star reversal.
- The pattern is a warning sign to bulls and suggests bullish momentum appears to be waning.
- If correct, it highlights a bearish risk exposing weakness back below 3500.00 and at a minimum a correction of the rally since Oct 30.
- Note, candle patterns are short-term signals. It is too early to tell whether this pattern will form part of a broader reversal.
- Levels to watch:
- SUP 1: 3505.75, former bear channel top drawn off the Sep 3 high.
- SUP 2: 3414.92 - 3382.50, the 20- and 50-day EMAs
- 3225.00, Oct 30 low and the key support
- A break of yesterday's 3668.00 high would resume gains and open 3699.03, 1.382 projection of the Sep 24 - Oct 12 - Oct 30 price swing.
- The candle pattern is negated above 3668.00.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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