Price has fallen back today after we saw a nice bounce
off of the daily SMA200, which is now the important line
of support today at 8100. The strong move up yesterday
was in line with the MACD cross so this far, price action is
looking natural for a continuation up, also in line with the
bullish signal on H4 yesterday as price then closed above
the Cloud.
On the hourly chart to the right, we see how price failed to
find support by the daily pivot point after some bearish divergence
seen on the Chaikin oscillator (a divergence indicator that
also includes volume). Price fell to the lower end of the Cloud
and we might see a test of the daily S1, which should hold
support in line with current bullish H4 trend. If not and we
see a close below it will open up for a move towards the yet
untraded Weekly pivot point which aligns with the Daily S2
at 7700.
If price bounce back and close above the Daily pp and the
intraday high at 8765, we might see an accelerated move
towards the R1 just above 9200, a level which marks the
beginning of the strong resistance hold between 9200-500.
off of the daily SMA200, which is now the important line
of support today at 8100. The strong move up yesterday
was in line with the MACD cross so this far, price action is
looking natural for a continuation up, also in line with the
bullish signal on H4 yesterday as price then closed above
the Cloud.
On the hourly chart to the right, we see how price failed to
find support by the daily pivot point after some bearish divergence
seen on the Chaikin oscillator (a divergence indicator that
also includes volume). Price fell to the lower end of the Cloud
and we might see a test of the daily S1, which should hold
support in line with current bullish H4 trend. If not and we
see a close below it will open up for a move towards the yet
untraded Weekly pivot point which aligns with the Daily S2
at 7700.
If price bounce back and close above the Daily pp and the
intraday high at 8765, we might see an accelerated move
towards the R1 just above 9200, a level which marks the
beginning of the strong resistance hold between 9200-500.
