Bovespa Index - Long-Term Forecast: monthly breakout for the long-term bullish

Bovespa Index - Long-Term Forecast: monthly breakout for the long-term bullish

20 July 2016, 10:30
Sergey Golubev
6
72

Monthly price is located inside Ichimoku cloud for the breakout with the bullish reversal to be started on open monthly bar for now:

  • Chinkou Span line crossed the price to above for the possible breakout to be started;
  • the price is breaking 55,820 resistance level to above for the breakout to be continuing and with 'reversal' Senkou Span at 58,750 to be tested for the monthly bullish reversal;
  • ascending triangle pattern was formed by the price to be crossed to above for the uptrend to be continuing.

Absolute Strength indicator is estimating the long-term bullish trend in the near future.

  • If the price will break 58,750 resistance level so the reversal of the price movement from the ranging bearish to the primary bullish market condition will be started.
  • If price will break 51,325 support so the primary bearish trend will be resumed.
  • If not so the price will be ranging inside Ichimoku cloud for direction.
Resistance
Support
55,82051,325
58,75037,245

SUMMARY : breakout

TREND : possible bullish reversal
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