Resistance on long term weekly chart approaching
The index broke the resistance at 1,150 on good volume. Next resistance at around 1,200 to 1,220.
Target of 1,350 is still persuasive.
Turn on double support supports the bullish target of 1,450. Lots of resistance up to 1,200.
Resistance at around 440, or a bit higher.
Double bottom in pink with target of 540 and excellent volume gives a fair chance of breakout from the neckline at 440 with target of 780 (which would probably put the sector in the over-valued irrational exuberance category).
Channel in orange is bullish. Good recent volume. If it continues expect a rally to between 960 and 1,000.
Strong resistance at the current level. Needs to close at 170 to confirm the target. Volume is starting to pick up again.
Heading for target. 150 resistance should be strong.
Channel in orange, resistance in green.
Target of 1,280. Only one resistance at 1,180 on the way to target. Volume is sufficient to pass the resistance.
We now have a descending channel in blue with resistance as high as 30.
P/E chart current to 29th February.
PE jumped to 15. Let’s see if it can break out.
Chart below current to 16th February.
The index is now above the 14 year mean. Resistance at between 1,300 and 1,600.
Chart below current to 3rd February.
Good channel support at the current level.
Charts below current to 23rd September.
Support at around 880 to 900.