As you can see from the chart, price just bounced near a long-term support. Now we can draw a new bullish parallel channel using the new low and the previous highs. But can this new bullish trendline sustain a new upward move?
Currently it cannot!
The bounce has been weak and bullish volume is drying up. This move can only be defined as a correction of the bearish trend and price action will probably break down the channel and retest the support.
Do not take action until you don't see clear bullish signals. There are not strong bullish signals at the moment.
Sky is not the Limit
The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
Currently it cannot!
The bounce has been weak and bullish volume is drying up. This move can only be defined as a correction of the bearish trend and price action will probably break down the channel and retest the support.
Do not take action until you don't see clear bullish signals. There are not strong bullish signals at the moment.
Sky is not the Limit
The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
Note
This correction is gaining some strength but bullish volume is still very small. The price will probably try to reach and test the 8760-8820 resistance. If it can break it higher, the bullish movement will become even more stronger. Until we stay below that resistance, this movement can still be considered as correction of the bearish trend.
Note
It didn't even reach our 8760-8820 resistance level. As i've said before, price action will probably breakdown the channel and retest the support.Note
Support retested as expected. Note
Our support has been broken with heavy bearish volume. Support now becomes resistance. The next Support is our long-term Bullish Trendline.
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Disclaimer
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Related publications
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.