Hi everyone, the bulls are still in control, the scenario of "sell in may" has not been manifested by the MA50 that managed to absorb 2x the decrease (see green arrows). On the other hand, the bulls no longer have any strength to push upwards, this can be seen from the horizontal resistance line in the RSI. So it is a sideways course that can take a while. I only expect further major declines if the MA50 can be broken in the daily chart. There is also a wedge showing an outbreak imminent. This indicates a further decline where it is important to break that MA50.
Should the resistance line at the top be broken anyway, the open gap of around 548 can be closed and an eventual overshoot to 560. We have to wait for the outbreak before we can further determine the direction.
In a sideways market it is difficult to trade with short positions, make sure that the stoploss is high enough for the longer term or wait for the MA50 to break before we can speak of a downward trend.
Good luck traders!
Follow this idea, I regularly post updates based on the hourly chart.
Regards,
TT
Should the resistance line at the top be broken anyway, the open gap of around 548 can be closed and an eventual overshoot to 560. We have to wait for the outbreak before we can further determine the direction.
In a sideways market it is difficult to trade with short positions, make sure that the stoploss is high enough for the longer term or wait for the MA50 to break before we can speak of a downward trend.
Good luck traders!
Follow this idea, I regularly post updates based on the hourly chart.
Regards,
TT
Note
Hi, a strong development this morning with an outbreak above 540, the strength that was missing in recent weeks has suddenly been found, see that the falling resistance line in the RSI has broken through the hour chart and even an OB listing. A previously open gap around 548 now has an attractive effect, above this the next resistance around 560 can be expected. In the daily chart, it is still a matter of waiting until tonight whether this breakthrough is confirmed.Note
Hi, today a big gear up with a gap in the opening, We have now arrived at the 560, is the top here? not yet, the RSI still has an OB position and needs to cool down, there are different levels of support (see green lines) that can still support the upward movement. At the bottom my view is for the moment on the open gap around 548 that still has to be closed! Also pay attention to the MA20 and especially MA50! a further decline can only be expected below.Note
Hi, the train is booming, the MA20 (purple line) supports this rise for the moment, above 560 the next real resistance is around 582, we will have to take this into account. As long as the MA20 is not broken, we still have to look up!Note
Hi, after yesterday the MA50 was overcome, with the big drop today the earlier gap at 548 is closed, but another gap is open around 558 which can have an attractive effect. The RSI indicates soil formation as long as the support keeps at 548, the view should be kept at 558. At the top I have now drawn a descending resistance line that coincides with the MA50. The first cracks are visible with this, but we cannot speak of a trend reversal yet, too early!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.