Watching 3 areas as possible support for an hourly higher low for WEED, first is a back test of the daily downtrend line, approximately 29.38 - this would also have an oversold 5 min RSI. Second would be that we hold that 29.55 area, see an equilibrium form on the 15 min and have a solid break to play. Third would be a bottom fish off the low of yesterday at 29.76 which would be very oversold on the 15 min should we drop down there fast.
If we lose 29.76, then patience would have me wait for previous resistances of 27.83 and 27.50 to act as support before 27 because of the lack of support established in that range.
Bulls would love to continue to consolidate above the daily MBB and break the daily downtrend with a clear break of 31.46.
If we lose 29.76, then patience would have me wait for previous resistances of 27.83 and 27.50 to act as support before 27 because of the lack of support established in that range.
Bulls would love to continue to consolidate above the daily MBB and break the daily downtrend with a clear break of 31.46.