MarceloTorres
Short

IBOV(1W): short weekly signal still persists

BMFBOVESPA:IBOV   IBovespa Index
Good afternoon straight from São Paulo. In the 1W (weekly) chart of IBOV , see that we have indicators signaling short and others on the way to also signaling short. With the downward movement in prices today, the first level of Fibonacci 23.6% has already been touched, close to 11599 (as mentioned in today's analysis for chart 1D). Remember that if this correction persists, the "healthy" value of this correction would be around 4.5% fall, resembling the last two corrections.

One sign that I trust a lot and I like to see in an analysis is the divergence (blue lines on STO and prices), especially if it is in the MACD histogram, or MACDH. In the case of this analysis, it is possible to see a bullish divergence with bearish implication in STOH. In addition, the STO (lines) have already signaled sale in the overbought region, a strong signal. Meanwhile, the RSI already signals selling in the overbought region as well, and its histogram, RSIH, has been slowing down and should soon do a top reversal, as the restraining signal for this is its RSI line. On the other hand, however, the opposite occurs with MACDH, the MACD line suggests signaling sale soon, while its histogram, MACDH, has already signaled a decrease (the histogram here is the MACD line tracker). BuySell Trend indicator could signal sale (black signal line crossing down red short-term trend line ) as well, and if it does, it will mean that the short-term uptrend is over and the short-term downtrend will be triggered. Finally, the Price Spread indicator suggests the direction of the spread, which in this case is the beginning of negative spread (the black line has already triggered the negative spread, only the histogram confirmation is missing).

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Good trades!
Marcelo Torres

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