The daily chart has been printing a lot of bearish reversal candles lately and today was yet another one. The monthly chart has risen to over 96 on the RSI. Last month it printed a reversal candle and so far this month we have poked slightly higher, but where is the bull volume? It is nowhere. It appears as if we are just drifting higher. Are/were institutions holding it up just enough to unload their shares and acquire their short positions? Likely imo considering that they missed earnings last time and this chart is still extremely extended. If we zoom out to the weekly chart, we see that we have weekly bearish divergence and are looking for our next higher high on the weekly. So far it is shaping up a reversal candle for the week. We also have had very little volume as we rise, which does not bode well for the bulls.
If we then zoom into today price action on the hourly, we can see that we had pretty good sell volume from the all time highs and then formed a bear flagish pattern into the end of the day, which could lead to the begin of the end of this monster bull run. Breaking the support line of $166.42 should give way for the bears to gain traction
If we then zoom into today price action on the hourly, we can see that we had pretty good sell volume from the all time highs and then formed a bear flagish pattern into the end of the day, which could lead to the begin of the end of this monster bull run. Breaking the support line of $166.42 should give way for the bears to gain traction