SMI: Bullish extension for Swiss Stocks to 10,400.
The Swiss market has broken above the Rising Wedge's resisting trend line (dashed) and may follow the 1W Channel Up pattern (RSI = 63.217, MACD = 177.900, Highs/Lows = 173.0836) which started in early May. Based on the RSI break out it has an upside potential to at least 10,400.
Keep in mind that this break out is part of a larger bullish move as we illustrated in May (see the chart below). The Swiss Market Index (SMI) has entered a new long term Bull Cycle after it broke above its 12 year Resistance last April:
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Keep in mind that this break out is part of a larger bullish move as we illustrated in May (see the chart below). The Swiss Market Index (SMI) has entered a new long term Bull Cycle after it broke above its 12 year Resistance last April:
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Comments and likes are greatly appreciated.
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