Previously we mapped the bearish cycle for Mr. Price, now we have seen price reacted off the 200 month moving average, now seeking to confirm a weekly low along the way to the yearly low. On the daily chart we are extended and in time for a half cycle high, a pullback from here would be a good entry for those who were left behind in this share.
Levels to watch:
Green line - confirmation of a weekly low closing above this line on a weekly chart
Pink line (furthest above) - confirmation of the monthly low above this line
Levels to watch:
Green line - confirmation of a weekly low closing above this line on a weekly chart
Pink line (furthest above) - confirmation of the monthly low above this line
Comment:
Mr Price went below 20 March meaning date of interest is now in May, RSI on monthly is near 30, we watch for a swing low as MRP is in the timing window for a daily cycle low. Would be ideal to have a double bottom around current level.
Comment:
Mr. Price is now seeking a daily cycle low, it is currently right translated, a good buy on confirmation as daily cycle 2 usually provide the best thrust upwards.
Trade closed manually
