May 14th 4hr Outlook
Bias - Neutral
* Bullish Bias: Charts as low as 15 min show convergence on the RSI
Pressure from both sides Friday morning caused price to consolidate on the 88.6% fib support level. Price could finish retracing from here and bulls could regain control of the market the coming week.
* Bearish Bias: However, 8/21 MA crossover and the creation of a LL and a LH show sellers have entered the market and have a bit of control over buyers at the moment. Would not recommend opening a position until price has closed above the previous LH.
Price has been overdue for a retracement period, as the 4hr and daily RSI was showing major divergence the last 2 weeks. Price could go as low as 142.50 before it finishes retracing.
I marked up three zones (labelled in purple) where price could find support if it were to break past the MHQP (145.00)
Bias - Neutral
* Bullish Bias: Charts as low as 15 min show convergence on the RSI
Pressure from both sides Friday morning caused price to consolidate on the 88.6% fib support level. Price could finish retracing from here and bulls could regain control of the market the coming week.
* Bearish Bias: However, 8/21 MA crossover and the creation of a LL and a LH show sellers have entered the market and have a bit of control over buyers at the moment. Would not recommend opening a position until price has closed above the previous LH.
Price has been overdue for a retracement period, as the 4hr and daily RSI was showing major divergence the last 2 weeks. Price could go as low as 142.50 before it finishes retracing.
I marked up three zones (labelled in purple) where price could find support if it were to break past the MHQP (145.00)