+54%, +52%, +40%: These AI-picked earnings winners keep surging higher
Two months ago and again last month I wrote ‘…Resistance is the Dec 2014 and also recent high area 121.84 – 122.02…’. We are well above that now with more than the adequate two consecutive closes. Additionally, all four MAs are pointing higher so I have raised the bullet point to mildly bullish in anticipation of possibly raising it again to full bullish next time. Finally, we have a break upwards and the market is heading into territory not seen since the early 21st Century.
Resistance for USD/JPY is still at the 2007 high at 124.16 but is better at 125.68, then nothing until 129.04. Support is basically from 122 downwards. Looking ahead, there is an argument to view the whole action from mid-late 2014 to date as a Halfway Hesitation. If that is the case then two target areas emerge 1) 135.00 & 2) 136.50. If on the other hand you look at it conservatively and suggest an Ascending Triangle then the target would be in the 128.50 area.
Neutral would be consecutive closes back below 120 and bearish would only be below the Long MA (currently 116.29).
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