Ichimoku is still painting a gloomy picture. The daily stochastic RSI is starting to turn south. Chaikin Money Flow is still showing negative/neutral selling pressure. Volume is also sloping down to being flat. Looking at historical supports and resistances are our best bet now to -k-n-o-w-i-n-g- guessing where the market is going.
If we do not break the next resistance soon, expect next level support between $5600 - 5800.
If we do not break the next resistance soon, expect next level support between $5600 - 5800.
Note
Hourly outlook - Neutral to bullish.The hourly chart is giving us a nicer picture compared to the daily. So this is a very short-term guesswork in the next few hours.
We should see an uptick to break the descending wedge. I expect a nice long green candle to maybe $6200.
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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.