Another decisive weekend ahead.
On LOG charts we did not break the downtrend, it was severely pierced a number of times on two consecutive days but failed to close above, those not viewing the log charts may have been fooled a week ago into thinking we are out of the downtrend and heading north, not yet we are not! I am bullish long term and sincerely hope this is the case but until pricing convincing clears the log chart downtrend I remain cautious.
If we get some decent buying volume over the weekend this could happen and get a daily close above the trend line then i'll be more convinced to buy more.
Unfortunately positions of mac d and rsi are looking to the negative side and looks to want a reversal, first target in this scenario would be 8,1 - 8,2, then on to the supportive uptrend support line around 7,4 - 7,5.
If through there then yes, it's the pit of misery in the 6's once again.
Lets hope we blow the line in the next 48 hrs!
Good luck guys!
On LOG charts we did not break the downtrend, it was severely pierced a number of times on two consecutive days but failed to close above, those not viewing the log charts may have been fooled a week ago into thinking we are out of the downtrend and heading north, not yet we are not! I am bullish long term and sincerely hope this is the case but until pricing convincing clears the log chart downtrend I remain cautious.
If we get some decent buying volume over the weekend this could happen and get a daily close above the trend line then i'll be more convinced to buy more.
Unfortunately positions of mac d and rsi are looking to the negative side and looks to want a reversal, first target in this scenario would be 8,1 - 8,2, then on to the supportive uptrend support line around 7,4 - 7,5.
If through there then yes, it's the pit of misery in the 6's once again.
Lets hope we blow the line in the next 48 hrs!
Good luck guys!