SPI Day June 5mins:
Key resistance this morning is 4650/4660. We have seen back to back strong sessions and I think today might be a consolidation type day and possibly a larger retracement. If the res levels here break, 4700 is our next stop.
Setups I am following today:
i) Looking to short at resistance if I see a clear reversal. Scalp trade only targeting 4600
ii) Looking to short a breakdown of the recent uptrend line.
iii) Looking to buy a deeper retrace into 4600/4610 or 4550/4560
The longer term trade is to buy a breakout of a possible inverse Head and Shoulders pattern.
MSCI Taiwan June 5mins:
Key resistance is 3000/3010. Momentum made a new swing low on the 60mins and this bounce off the low has not been strong with little follow through on each of the gaps. We have traded right into the hourly moving averages and previous breakdown level. Thus I am looking to get short with tight stops.
Setups:
i) Short the resistance at 3000/3010 on a clear 5min reversal
ii) Short the breakdown of a flag pattern
iii) If these fail to materialise, buy a breakout at 3020 for the longer term C=1.618A corrective move down complete.
MSCI Singapore June 60mins:
MSCI Singapore Continous Daily:
Key support is 3450. I will look to short a breakdown of the recent consolidation. The Daily chart is in a clear downtrend and momentum has been making lower lows on the 60mins. We must continue to follow this for now
Good luck. Will be updating on twitter throughout the day
Austin
