At the time of writing this article, the ALSI seems to be holding fast against other major indices, in spite of global pressure due to a renewed fear of a trade war.
While the ALSI is only down 0.1% it is at a critical junction.
The price is currently testing a strong horizontal resistance area at 51500.
A strong break above this area and the price could reach the next trend resistance zone at 51800.
Failure to break through the 51500 resistance area, the price could then drop to the opening of the gap at 51000.
A break below this area the target would be the lower support area of the trend channel at 50600.
We will have to wait until the US markets open to get a clear indication of where the price will end up.
In my opinion the pressure is definitely on the bulls at the moment and I would be hesitant to take up any long positions.
Add a Comment
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.