INTERIM UPDATE – October 12, 2023
I start my research on Mondays and finalize by end of day Thursday. Friday is dedicated to putting all ideas to the report format. During the week I come across good setups and those are featured in the weekly report. However, there are those that pop during the week and is worth bringing to your attention before the week finalizes. Below are the latest additions to Tech Charts watchlist. These charts will also be included in the weekly update.
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GLOBAL EQUITY MARKETS – October 7, 2023
REVIEW
The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) breached the support formed by the 200-day average and the horizontal support at 93 levels. Friday's sharp rebound closed around the 200-day average and the previous support which is now the resistance at 93 levels. Failure to recover above 93 levels can result in further weakness below the long-term average. A sharp recovery above 93 levels can result in a bear trap and resume the uptrend on the Global Equity benchmark.
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CRYPTOCURRENCIES – October 1, 2023
Bullish outlook on BTCUSD remains intact. Important support level at 25K level. A re-test of 28K levels can increase the likelihood of a bottom reversal, possibly a double bottom. ETHUSD chart is possibly morphing with not a clear chart pattern development at this stage. Read More
