The daily chart continue to look decent, but we would like to see less of a wick at the top of the candle. A close above the close of $7718 on June 3 would be bullish, however price really needs to see a close above that same day's high of $7779 to ignite continued bullish passion from the crowd. I have adjusted the pitchfork slightly to better accommodate price action. The biggest thing to note on this time frame is that today's candle is above the Bollinger Bands' moving average. A close above it, and then open and close of tomorrow's candle above it, is another bullish signal. RSI is sitting at 46 while targeting the 49 area where we can see real bullishness come into play. MACD continues to pull away from the signal line, increasing the size of the positive histogram as well. Yes, volume is dropping, but again it is nothing more than numbers without context. Price is nearing the apex of the symmetrical triangle that it has been printing for the past 4 months. This is a consolidation pattern and, therefore, we should expect volume to drop as it nears the apex. As with any other pattern, volume should increase significantly upon exiting of the pattern whether price exits through the top or the bottom.
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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.