The forecast for week 4 of May 2022 is Neutral on week and Bull on Day
This assessment in no way considered financial advice.
For the weekly chart, the candle was a general candle with a body that reclaimed around 50% of the last week's drop. It does have a tail on the bottom and this indicates a slowing demand, at least for now, about taking the price lower. Interestingly the volume is unremarkable. This evidence suggests the chart has no direction. The OBV is suffering from the effects of the sharp volatility making it difficult to interpret.
When peering at the daily chart we can see the chart rejected lower prices first thing on Monday, this set the tone for the week. The volume however has declined as it headed toward the trending resistance line. This indicates buying weakness, it can result in the continuation of lower prices. The OBV is trending sideways but note, that this week produces a longer OBV upward line. This indicates there is potential for prices to go outside (higher) the trending resistance line. The probability for this week is Bull but needs to be confirmed on Tuesday.
This assessment in no way considered financial advice.
For the weekly chart, the candle was a general candle with a body that reclaimed around 50% of the last week's drop. It does have a tail on the bottom and this indicates a slowing demand, at least for now, about taking the price lower. Interestingly the volume is unremarkable. This evidence suggests the chart has no direction. The OBV is suffering from the effects of the sharp volatility making it difficult to interpret.
When peering at the daily chart we can see the chart rejected lower prices first thing on Monday, this set the tone for the week. The volume however has declined as it headed toward the trending resistance line. This indicates buying weakness, it can result in the continuation of lower prices. The OBV is trending sideways but note, that this week produces a longer OBV upward line. This indicates there is potential for prices to go outside (higher) the trending resistance line. The probability for this week is Bull but needs to be confirmed on Tuesday.