Short Term Bullish
FIndicators that I use:
* Purple = 9 EMA
*White = 21 EMA
*Light Blue = 200 EMA
Since markets have been flooded with fed money and a lot of reaction of overselling and overbuying on good and bad news (this market doesn't make any sense), I put a short term analysis on why I am temporary bullish.
Reasoning:
Using the 30 min Intra day chart, the first indication I got was at the green arrow where the 9 EMA crosses over the 21 EMA(I use this as a GOLDEN CROSS to go long on a position). This indicates to me that a trend reversal has happened prior to a couple days ago testing support at $4.20 and being oversold as seen on the RSI. In a similar fashion, higher highs and higher lows can be seen continuing to prove my theory that indeed we are in a bullish trend. Another indication that allowed me to confirm is that the candles continued to ride above the 21 EMA and not once falling below it. To further support this, the trend at the second green arrow pulled above the 200 EMA once again indicating that this is a bullish trend and setting the current support above $5.
With more money being dumped into the economy and trumps plan to bring more stimulus money to the people, I can see this riding the wave of news to new higher highs.
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