Monthly timeframe seems to be forming a symmetrical triangle with PA resting just above the 200 EMA. Relative strength index in a make or break position where we will bounce from over a decades support, or breakdown and visit oversold conditions. Fisher is at the lows and looking to start pointing up. We are also looking at a potential double bottom with the covid lows.
Note
From a fundamental aspect the index has been one of the worst performing globally over the past year (17.5% down) and has become completely detached. 9.3 P/E ratio compared to 18 ish for the S&P 500. Also is below 5 year average which is attractive looking at things on a longer time frame.Note
Zoomed into the daily we see a well established descending channel. We are watching for a potential triple bottom with a nice hammer candle. RSI approaching oversold conditions but not quite there yet. Bullish shark formed
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.