The 8 hour chart shows us much of the same as the 4 hour chart with the addition that the BB is squeezing as it trends upward. This would tend to signal a bullish squeeze on the horizon. With the weekend upon us, liquidity is drying up, and shorts are growing, so it wouldn't take much to give price the pop it needs to ignite stronger bullish momentum. Price remains just under the BB moving average on this time frame with only a $50 increase needed to put it back above. MACD is showing a loss of bullish momentum as it nears the signal line, however it remains on the bullish side of centerline. Pay attention to the Tenkan (light blue) line on this time frame as it continues to rise with price, nearing the Kijun (brown) line. Bullish momentum in price will cause a bullish TK cross as price pushes into the cloud. RSI is currently sitting on its ascending support line. Failure for it to hold will have us watching the descending support line. %B is also approaching its own support line, so we will be watching for that to hold and for the resistance line to be broken.
Be sure to check out our other charts for the rest of the story.
Be sure to check out our other charts for the rest of the story.
