More signs pointing up than down
Things are looking bullish.
First thing I see Is the bullish divergence that I've posted about before on the MFI and RSI on the daily chart. This essentially looks like the inverse of the Bearish divergence that was clearly visible on the apex of the bull market back in December.
The anemic volume is starting to show some strength. The 20 day moving average is starting to rise. This is very encouraging from a bull's perspective.
I see a few scenarios. The Stoch RSI is heading into the overbought range, pointing to a pull-back... I'm looking at the previous resistance at 6300-6400. This would be a set-up for a reverse head and shoulders... bullish.
Next most likely to me looks like a continuing rally to 6800 which is the previous resistance from the week of 6/20 or the previous support at 7050 from 5/28.
I'm becoming very encouraged that the sleeping giant is starting to awaken.
Happy trading!
First thing I see Is the bullish divergence that I've posted about before on the MFI and RSI on the daily chart. This essentially looks like the inverse of the Bearish divergence that was clearly visible on the apex of the bull market back in December.
The anemic volume is starting to show some strength. The 20 day moving average is starting to rise. This is very encouraging from a bull's perspective.
I see a few scenarios. The Stoch RSI is heading into the overbought range, pointing to a pull-back... I'm looking at the previous resistance at 6300-6400. This would be a set-up for a reverse head and shoulders... bullish.
Next most likely to me looks like a continuing rally to 6800 which is the previous resistance from the week of 6/20 or the previous support at 7050 from 5/28.
I'm becoming very encouraged that the sleeping giant is starting to awaken.
Happy trading!
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.