Price is moving inside a triangle ( see my weekly chart analysis);
Right now price is moving in a downward channel indicating bearisch movement. Moving averages confirm this.There are two scenarios in my opinion.
1) If price breaks out above channel and resistance level at 27.50 region, then reversal is possible with 30.50 region as next resistance level. Break out above triangle above 30.50 resistance level signals long term bullish movement.
2) If price respects resistance level at 27.50 region and stays inside downward channel, further bearish movement is expected with 21.00 region being the first line of support to watch. If this line is broken, the bottom of triangle is the next target. Breakout below triangle signals long term bearish movement.
TIP watch for increase in volume to avoid fake outs.
Not financial advice, just my ideas. Please let me know what you think.
Right now price is moving in a downward channel indicating bearisch movement. Moving averages confirm this.There are two scenarios in my opinion.
1) If price breaks out above channel and resistance level at 27.50 region, then reversal is possible with 30.50 region as next resistance level. Break out above triangle above 30.50 resistance level signals long term bullish movement.
2) If price respects resistance level at 27.50 region and stays inside downward channel, further bearish movement is expected with 21.00 region being the first line of support to watch. If this line is broken, the bottom of triangle is the next target. Breakout below triangle signals long term bearish movement.
TIP watch for increase in volume to avoid fake outs.
Not financial advice, just my ideas. Please let me know what you think.
Comment:
Looks like the second scenario is the way to go. Let's see what happens!