Trend:
The pennant chart pattern which formed yesterday was broken today. Unfortunately, there wasn't enough demand to drive the price up any further. A new pattern has emerged on this one hour chart, and that is the ascending wedge charted as bright yellow lines that form a triangular shape. Once the ascending wedge was drawn, I was able to see a bullflag pattern. Bullflag patterns are similar to pennants and both signal trend continuation.
Indicators:
The SSL indicator is still showing a red line so the price action is still more bearish then bullish.
The STC indicator is already deep into over bought zones and signals more consolidation.
The Didi indicator signalled a buy recently at around 2.93 to 3.0.
The Didi and SSL hybrid both gave a signal to buy roughly the same time, so 2.93 to 3.0 should be a good price point currently.
Thoughts: Monday is a non trading day so there should be some pent up demand to buy when markets open Tuesday. The price formed a bull flag, so hold on for a bit longer until consolidation breaks hopefully to the upside.
The pennant chart pattern which formed yesterday was broken today. Unfortunately, there wasn't enough demand to drive the price up any further. A new pattern has emerged on this one hour chart, and that is the ascending wedge charted as bright yellow lines that form a triangular shape. Once the ascending wedge was drawn, I was able to see a bullflag pattern. Bullflag patterns are similar to pennants and both signal trend continuation.
Indicators:
The SSL indicator is still showing a red line so the price action is still more bearish then bullish.
The STC indicator is already deep into over bought zones and signals more consolidation.
The Didi indicator signalled a buy recently at around 2.93 to 3.0.
The Didi and SSL hybrid both gave a signal to buy roughly the same time, so 2.93 to 3.0 should be a good price point currently.
Thoughts: Monday is a non trading day so there should be some pent up demand to buy when markets open Tuesday. The price formed a bull flag, so hold on for a bit longer until consolidation breaks hopefully to the upside.