Price tested the lower Cloud and the Monthly S1 at 750 and has since bounced
and closed above the Cloud. The strong recovery from the sharp sell off
without closing inside the Cloud, is a sign of buying power and market confidence
from bulls. It would be natural to see more gains from here as price takes out
the different resistance levels. The upper Pitchfork band marks were price,
if moving above, will enter overbought territory.
Only a close inside or below the Cloud will shift bias to neutral or bearish going forward.
Support:
S/R @ 950-70
Horizontal support/ Lower Pitchfork band/ Upper Cloud @ 900
S/R @ 840
Monthly S1/ S/R / Lower Cloud @ 750
Resistance:
Yearly R1/Weekly S1/ S/R @ 990-1000
S/R /Monthly pp/Median line @ 1090
S/R & Weekly pp @ 1125
S/R @ 1165
Upper Pitchfork band
Trend: Bullish (Ich) / Bearish (MACD)
Divergence: Bullish Pressure (Price vs MACD)
and closed above the Cloud. The strong recovery from the sharp sell off
without closing inside the Cloud, is a sign of buying power and market confidence
from bulls. It would be natural to see more gains from here as price takes out
the different resistance levels. The upper Pitchfork band marks were price,
if moving above, will enter overbought territory.
Only a close inside or below the Cloud will shift bias to neutral or bearish going forward.
Support:
S/R @ 950-70
Horizontal support/ Lower Pitchfork band/ Upper Cloud @ 900
S/R @ 840
Monthly S1/ S/R / Lower Cloud @ 750
Resistance:
Yearly R1/Weekly S1/ S/R @ 990-1000
S/R /Monthly pp/Median line @ 1090
S/R & Weekly pp @ 1125
S/R @ 1165
Upper Pitchfork band
Trend: Bullish (Ich) / Bearish (MACD)
Divergence: Bullish Pressure (Price vs MACD)
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.
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.