Banish the Bears, 28 Apr 2023
🖼 Daily Technical Picture 📈
➤ An aggressive pump higher today in equities, undoing all the Bear's work over the previous days. The Bears are banished...or are they?
➤ It does look like one-way traffic at the moment. The Bulls have control. The only issue I have so far is their inability to close a month beyond the Feb 2023 high. This monthly high close (and there's just one trading day left this month) would in my opinion seal the deal for the long-term Bullish scenario.
➤ If this doesn't happen in April we will have to wait for May...but May is known as the month of "sell and go away". If Bears can hold out for another month, the scales may tip in their favour.
➤ I took profit on my long positions. Unfortunately, my mistake as detailed yesterday diminished what would have been a good pay-day. I hold a small long position.
➤ Conclusion: 🐆 The Hunt was part failure part success. I'm still very hungry. I'm sure my Cubs are too.
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ An aggressive pump higher today in equities, undoing all the Bear's work over the previous days. The Bears are banished...or are they?
➤ It does look like one-way traffic at the moment. The Bulls have control. The only issue I have so far is their inability to close a month beyond the Feb 2023 high. This monthly high close (and there's just one trading day left this month) would in my opinion seal the deal for the long-term Bullish scenario.
➤ If this doesn't happen in April we will have to wait for May...but May is known as the month of "sell and go away". If Bears can hold out for another month, the scales may tip in their favour.
➤ I took profit on my long positions. Unfortunately, my mistake as detailed yesterday diminished what would have been a good pay-day. I hold a small long position.
➤ Conclusion: 🐆 The Hunt was part failure part success. I'm still very hungry. I'm sure my Cubs are too.
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
🏆 eToro Popular Investor 💰
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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