Here, i have set the RSI to a 10 week period. Why? Because the 50 line has offered strong support all the way back to 2016 with these settings (otherwise its 53/54 on 14 week).
When we broke the 50 RSI level in 2017, we went into a long bear market, and a break of 50 saw us go on the 2019 parabolic run up.
So where are we now? We broke down the 50 level, bounced off 40 and hit 54 on the big move up over the weekend and now are consolidating. So the move out of red box might offer the future direction of price.
When we broke the 50 RSI level in 2017, we went into a long bear market, and a break of 50 saw us go on the 2019 parabolic run up.
So where are we now? We broke down the 50 level, bounced off 40 and hit 54 on the big move up over the weekend and now are consolidating. So the move out of red box might offer the future direction of price.
Comment:
So after a big dip below the red box we are now testing the upper boundary. A weekly close above the 54-55 level will be a big buy signal