#ACWI - All Country world index bounced for now but..
The All country World index has bounced once again off the 200 week ma and declining channel support. We have seen an approximate bounce of 8% from the recent lows. However looking deeper at the chart, we are still trading inside the declining channel and I would like to see a close above the $92 pivot level before getting too excited - that would then start to look great from a technical perspective. What concerns me is declining volume over the last few weeks. I would like to see volume increase on the move up which would give me a better clue that the bulls are serious. On the positive the MACD has finally crossed up on the weekly, but will the bulls have enough momentum to keep this going?
To sum this up - i am neither bullish nor bearish - there are some positive signs such as the bounce off the 200day week ma as well as a cross of the MACD, but the bulls have some serious work to do still to announce the end of this bear market. For me, any decent close above the 92 pivot and things will really start looking good. Historically if you look at the chart since 2008 you would notice how often this chart has bounced off the 200week ma so it is definitely a level of importance that the bulls will not want to lose.
Happy trading ^^
To sum this up - i am neither bullish nor bearish - there are some positive signs such as the bounce off the 200day week ma as well as a cross of the MACD, but the bulls have some serious work to do still to announce the end of this bear market. For me, any decent close above the 92 pivot and things will really start looking good. Historically if you look at the chart since 2008 you would notice how often this chart has bounced off the 200week ma so it is definitely a level of importance that the bulls will not want to lose.
Happy trading ^^
"If you do what you love, you'll never work a day in your life" - Marc Anthony
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