As you can see from the chart, price just bounced near a long-term support. Now we can draw a new bullish parallel channel using the new low and the previous highs. But can this new bullish trendline sustain a new upward move?
Currently it cannot!
The bounce has been weak and bullish volume is drying up. This move can only be defined as a correction of the bearish trend and price action will probably break down the channel and retest the support.
Do not take action until you don't see clear bullish signals. There are not strong bullish signals at the moment.
Sky is not the Limit
The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
Currently it cannot!
The bounce has been weak and bullish volume is drying up. This move can only be defined as a correction of the bearish trend and price action will probably break down the channel and retest the support.
Do not take action until you don't see clear bullish signals. There are not strong bullish signals at the moment.
Sky is not the Limit
The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
Комментарий:
It didn't even reach our 8760-8820 resistance level. As i've said before, price action will probably breakdown the channel and retest the support.
Комментарий:
Support retested as expected.
Комментарий:
Our support has been broken with heavy bearish volume. Support now becomes resistance. The next Support is our long-term Bullish Trendline.
Until we stay below that resistance, this movement can still be considered as correction of the bearish trend.