When Technicals Defy Macros
there is a bullish momentum divergence; it can be showed better using the stochastic RSI
It’s strong since the last low has rebounded on a very very strong support. In addition, the latter is also the -2SD level over the last 2 year. Based on a conservative mean reversion projection, the price could rebound to 107.239 which is not only the –1 SD over last 2-Y but also an old short term support. But seeing the ongoing uncertainty in macro universe, I can’t guaranty that it would exceed that target.
Verdict: NOW, it’s a very risky Bullish; I can alarm you when there is a confirmation (break-out of the RSI R1 level), for now, nothing sure!
It’s strong since the last low has rebounded on a very very strong support. In addition, the latter is also the -2SD level over the last 2 year. Based on a conservative mean reversion projection, the price could rebound to 107.239 which is not only the –1 SD over last 2-Y but also an old short term support. But seeing the ongoing uncertainty in macro universe, I can’t guaranty that it would exceed that target.
Verdict: NOW, it’s a very risky Bullish; I can alarm you when there is a confirmation (break-out of the RSI R1 level), for now, nothing sure!
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.