AEX : Sell in May and go away ? Hi everyone, the gap of 06/03/20 was finally closed at 528 after which a large decline followed, see here the importance of the improving effect of this level on which large parties were trading. Can we now expect a further major drop?
To get a better picture, I first discuss the day chart: after the sideways movement of the month of April, there was only an outbreak upwards in the last few days and this to close the gap, this outbreak does ensure that we are above the MA50 This could now provide support this is important to keep an eye on in the first week, the RSI must also go below 50 to drop further! On Monday it runs around 505. If it breaks, the next target is 482, an old support!
Now the hour chart
Here we saw a short signal again in the last hours of yesterday, it is important that it now remains below the MA50, I have made a slightly rising trend channel from the sideways movement which now coincides with 505, this is also the level of the MA50 in the daily graph as discussed earlier. See here the importance of this level. Support can still be found here!
An overview :
There is a short signal in the hour chart to 505 initially, below 505 (MA50) there is also a short signal in the day chart which will give a larger drop initially to 482.
Follow this idea for updates!
Good luck traders!
regards
TT
