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ALSI Analysis | 11 December 2017

December 11, 2017

Hi Traders.

 

I hope everyone had a great weekend.

 

The ALSI has finally broken out of the long term upward channel that it has been trading, probably because of some of the scandals and turmoil that has rocked some of the companies in the past week. (image 1).

 

Because of this massive downswing, the 8 and 21 Exponential Moving Averages have crossed over downwards, which in itself is a sell signal.

 

If one plots Fibonacci retracement levels on the current downswing, you can see that if it were to move a bit upward from where it is at the moment, it will most likely bounce off of the 38,2% Fibonacci level which is currently at the same level as the 21 day Exponential Moving Average around the 53 100 level. (image 2) We are likely to see some resistance around this level.

 

If it were to continue downwar