In this briefing:
1. Fanuc Bullish Trade Points off of Base Line Support
Fanuc Corp (6954 JP) shows increasing signs of a basing process and opportunities on weakness.
Macro retracements display clear synergy with the low at 15,570, suggesting this is a key low.
Use weakness back toward base line support to buy for a medium term rise to press on outlined resistance targets.
Risk lies with the signs of rally fatigue in the near term tactical cycle as the daily RSI fails to confirm recent highs that are knocking on pivotal resistance at 19,000 that acts as the immediate make or break level.
Pivot levels, action points and targets are outlined.
2. Suruga Bank Bottom Projection
Daily cycle indicators display a topside cap for Suruga Bank Ltd (8358 JP) and turn barrier to press for new lows with ideal downside projection the focus to align with RSI and MACD targeted supports.
The rise from December 2018 is labeled as corrective and biased for a new low. Price cap will act as resistance for those who favor the short side here.
Previous supports at 603 and 590 have been broken and are now upside hurdles to contend with and use as inflection points.
Oversold cycle readings are taking shape in the form of daily bull divergence from price as the weekly cycle attempts to find a foot hold in coming months.
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