SCC may develop a handle for the cup

Weekly: The Dark Cloud Cover last week was confirmed this week. Looks like SCC is heading south at the moment and while Kijun Sen line is moving in a horizontal fashion, price may be attracted to this line. Notice also that the recent peak of SCC is in line with the peak we saw last summer. Is it going to create a handle that is why it is retracing? Based on Ichimoku, SCC is still bullish.

Daily: The Cup and possible handle can also be seen in our daily chart. If the retrace is just creating a handle then the retrace is very much welcomed. Currently we have a Kijun Sen cross which is a weak bearish signal. It is called weak because the cross happened above the Kumo. Ichimoku system is telling us that SCC is still bullish in short term except for the recent Kijun Sen cross. For those who want to get some SCC, lets wait for a while.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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