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A50 (CN) Breaks Below Daily Chart Upchannel Support


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A50 (CN) fell more than 1% yesterday, resuming the sharp reversal lower last week, and breaking below upchannel support (on the daily chart). CN is now sliding for its 4th day in 5, and quickly approaching the 13000 whole figure level, where it will likely find some initial support. Although a near-term bounce can be expected in the next day or two, the current red weekly candle is ominous for longer term bulls, as it threatens to complete what resembles an Island Reversal (on the weekly chart). A more textbook Island Reversal would have the current red weekly candle's body range high below last week's weekly candle body. The weekly RSI, Stochastics and MACD aren't available unfortunately due to insufficient historical chart data for the current November contract, but the daily RSI, Stochastics and MACD are firmly sliding down. I am looking to go short in the red zone (of the daily chart), and am targeting the green zone for Thursday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).

A50 (SGX CN Nov17) Weekly/Daily/4hr

CN (A50) Technical Analysis

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Before the launch of Tradable Patterns , Darren Chu, CFA, served as IntercontinentalExchange | NYSE Liffe's country manager for Australia, India, and the UAE between July 2010 and January 2014, expanding his role to look after Liffe business development in APAC ex-Japan/Korea until his departure mid April 2014.  His primary remit was developing relationships with Liffe clients, prospects and partners in the buyside (traditional and alternative asset managers), proprietary trading (high frequency algo as well as manual, point and click traders), bank, broker (institutional and retail), commodity trader and ISV community.  Key futures and options promoted included European/London rate benchmarks such as the Euribor, Short Sterling, Gilts, London/European index futures including the FTSE and CAC, London soft commodities (Robusta Coffee, Cocoa, White Sugar), Paris (MATIF) markets (Milling Wheat, Rapeseed), and NYSE Liffe US markets with the MSCI EM, MSCI EAFE, gold/silver, Eurodollar, US Treasury and GCF Repo futures being the focus.

 

Previously, Darren was with the TMX Group | Montreal Exchange for 4 years, marketing Canadian futures and options across North America, London, Singapore and Hong Kong.  Darren also launched and managed CMC Markets Canada's Chinese marketing and sales team, along with educational offering.  On the academic trail, Darren has been a frequent guest speaker at Canadian universities as well as an author of content for 3 derivatives courses offered by Canadian Securities Institute and mandatory for licensing of Canadian derivatives industry professionals.

 

Darren can be reached at +65 8118 8840 or via email at darrenchu@tradablepatterns.com.

 

 

 

contributing author since 11/21/2017 

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