Short Term Update


In the above attached daily chart you can find the usual moving average that i use, the VWAP calculated with the last 2 months of data and its price deviation lines, also you can see the white line that is the ALMA moving average, in the lower pane there is the well know RSI oscillator.
The ALMA average has just moved back into bearish position and I think prices should go down to retest the first VWAP negative deviation line at $212, if the volatility stays low instead I think that $225 should work as support.
For those who follow me in my IRC channel they know that i’m short from $237 with a target variable from 225 to 190 dollars, I decided to open a short position (short term trade) after the market has made a lower top ($268 below the previous one at $310). I’ll remain short as long the market will stay below $250-$270.

In the last 30-40 days i’ve done 2 more short term trades, from $200 to $227 and from $237 to $255, i would like to conclude this update by telling you two words about the long term picture: it’s very simple the long term moving average remains bearish so not yet time to average down my long term position.