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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* Trade Wars have escalated and now include diplomatic wars PLUS President Trump is cannibalizing prior U.S. market gains with his tariff tantrums against its world trading partners, while destabilizing a delicate world market balance

Sunday, May 13, 2018

Israel's Tel Aviv 125 Index Poised for a Rally

As Israel prepares for the relocation of the US Embassy from Tel Aviv to Jerusalem on Monday, the Tel Aviv 125 Index (TA125) appears to be poised for a rally.

Price closed on Friday just above major support of 1325 and is trading in between the 50 and 200 moving averages, as shown on the following daily chart.

A break and hold above the 50 MA at 1337, along with a rise in the RSI above 50 and further strength in the MACD and PMO indicators, could see price retest 1400, or higher. The higher swing high on the RSI is hinting of further strength. If such a scenario were to materialize, it's important that the 50 MA remain above the 200 MA, lest we see a bearish Death Cross form, followed by selling.

Tel Aviv 125 Index Daily

This index is trading under the bullish influence of a moving average Golden Cross and price is above both moving averages, as shown on the weekly chart below.

Look for the RSI to move above 50 and for new bullish crossovers to form on the MACD and PMO indicators on any price rally in order to support a retest of 1400, or higher. There is a large gap yet to be filled above 1425ish, so if price makes it that far, we may see that gap close at some point.

Otherwise, a drop and hold below 1325 could see price weaken to retest minor support at 1300, or even major support at 1225.

Tel Aviv 125 Index Weekly