If you pay attention to 6400 and 6500 lows you can spot that bearish momentum started to exhaust. (In simple words, because the difference between the previous low 7200 and 6500 was bigger than between 6500 and 6400, 700 is a bigger difference than 100)
The MACD indicator tells the same story: the MACD line is in divergence with the trend.
Momentum-wise we’re moving to 9000–9200 zone. And if we manage to stay above the previous low at 6800 we’ll fly to 9000 pretty quickly as there is no significant volume resistance until that level (VPVR on the right shows that).
The higher will be the next low, the stronger momentum will become hence higher we’ll go next. 9000 and 9200 are only historical levels confirmed by the volume. If momentum will be strong enough we could pass through them without even noticing.
If you like simplicity of my explanations, maybe LIKE is not that bad idea? :D
The MACD indicator tells the same story: the MACD line is in divergence with the trend.
Momentum-wise we’re moving to 9000–9200 zone. And if we manage to stay above the previous low at 6800 we’ll fly to 9000 pretty quickly as there is no significant volume resistance until that level (VPVR on the right shows that).
The higher will be the next low, the stronger momentum will become hence higher we’ll go next. 9000 and 9200 are only historical levels confirmed by the volume. If momentum will be strong enough we could pass through them without even noticing.
If you like simplicity of my explanations, maybe LIKE is not that bad idea? :D
Comment:
Easy till 9200, just watch