In this briefing:
1. Idemitsu Kosan Tactical Support with Macro Cycle Drag
Idemitsu Kosan (5019 JP) decline is nearing exhaustion support and sets up a tactical trade higher.
MACD breach of floor support now turns this key pivot level into a cap resistance on a recovery cycle. It also calls for a new and lower trading range.
Macro support breaks must be mended to turn the cycle from bearish back to neutral and will require a series of positive rally cycles for basing to unfold.
Tactical buy supports are outlined along with our tactical rally target, macro pivot resistance and the stop level.
