Thanks for checking out this idea! Note: this is not financial advice. Trade at your own risk and with due diligence. I may or may not have a position in this security. Manage your risk.
On our weekly timeframe, we currently see a close above the 9 EMA, while RSI remains near oversold, and MACD is at a potential crossover - will we be rejected by the MACD signal line again, or will we see continuation to the upside?
If we look at the daily chart above, we will see a confirmation of uptrend, with the daily MACD crossing over signal line, and bullish divergence as price action goes down while RSI and MACD have been moving up. A push into positive MACD territory will be a major buy signal.
We can also note a candle close just on top of the daily 9EMA (grey) and close to the .382 fib level. A cross of the 9EMA over the 20EMA (purple) will pump price as algorithms get triggered.
Hope this analysis helps you guys out. Happy holidays and happy trading!
On our weekly timeframe, we currently see a close above the 9 EMA, while RSI remains near oversold, and MACD is at a potential crossover - will we be rejected by the MACD signal line again, or will we see continuation to the upside?
If we look at the daily chart above, we will see a confirmation of uptrend, with the daily MACD crossing over signal line, and bullish divergence as price action goes down while RSI and MACD have been moving up. A push into positive MACD territory will be a major buy signal.
We can also note a candle close just on top of the daily 9EMA (grey) and close to the .382 fib level. A cross of the 9EMA over the 20EMA (purple) will pump price as algorithms get triggered.
Hope this analysis helps you guys out. Happy holidays and happy trading!