Daily trend is neutral as price is moving sideways inside the Cloud.
On this timeframe, something similar is going on but overnigth we
saw some attempts to establish above the Cloud and the Weekly
pivot point at 218. Bulls would like to see a close above the daily
pp at 221.5 which could take price up to the R1 and previous high
at 228. They don't want to see a daily close below 210 today because
of yesterdays Shooting Star candle, this could trigger a sell off and
a move down to the Weekly S1 at 183. Some minor signs of weakness
was the test today of the daily pivot point at 221.5 which rejected
price firmly. Another sign of intraday weakness will be a H4 close below the
daily S1 at 211.5 and below that a close below the Cloud. However, it looks
like we might see a Cloud twist if price holds at these level, which would
increase the chances of a move higher, if price can hold above the Cloud.
Note the the SMA200 has bottomed and is now turning up. Also note
that the upper Cloud on daily timeframe is currently aligned with the Weekly
R1 at 253. Only a daily close above this level will shift bias to the upside
on that higher timeframe, as it would shift the trend from neutral to bullish.
On this timeframe, something similar is going on but overnigth we
saw some attempts to establish above the Cloud and the Weekly
pivot point at 218. Bulls would like to see a close above the daily
pp at 221.5 which could take price up to the R1 and previous high
at 228. They don't want to see a daily close below 210 today because
of yesterdays Shooting Star candle, this could trigger a sell off and
a move down to the Weekly S1 at 183. Some minor signs of weakness
was the test today of the daily pivot point at 221.5 which rejected
price firmly. Another sign of intraday weakness will be a H4 close below the
daily S1 at 211.5 and below that a close below the Cloud. However, it looks
like we might see a Cloud twist if price holds at these level, which would
increase the chances of a move higher, if price can hold above the Cloud.
Note the the SMA200 has bottomed and is now turning up. Also note
that the upper Cloud on daily timeframe is currently aligned with the Weekly
R1 at 253. Only a daily close above this level will shift bias to the upside
on that higher timeframe, as it would shift the trend from neutral to bullish.
