Good day folks, so this weekly candle looks really ugly.
We are back at the opening of the weekly candle and it looks like it could pop to the down side. If we take in consideration the ADX, the -Di (red line) is ready to cross +DI (green line), the last time thos two lines crossed it gave us this last bull run up till now, on weekly bases. ADX, the bars you see as second indicator is coming out of the exhausted zone to the trending zone, which is between 20-40, while the crossing of the +DI and +DI is getting in place. If we close as this and the crossing take place, a new trend is gonna take in and it could be a possible drop to lower lows.
On the right chart you can see we are flirting the weekly 50 EMA, it kept it support so far, but I don't think it can continue to support us forever and if we drop, next possible support on the areas of 7000 or 6700, where the 50 and 128 MA weekly (right chart) and the 200 EMA is setting up.
We are back at the opening of the weekly candle and it looks like it could pop to the down side. If we take in consideration the ADX, the -Di (red line) is ready to cross +DI (green line), the last time thos two lines crossed it gave us this last bull run up till now, on weekly bases. ADX, the bars you see as second indicator is coming out of the exhausted zone to the trending zone, which is between 20-40, while the crossing of the +DI and +DI is getting in place. If we close as this and the crossing take place, a new trend is gonna take in and it could be a possible drop to lower lows.
On the right chart you can see we are flirting the weekly 50 EMA, it kept it support so far, but I don't think it can continue to support us forever and if we drop, next possible support on the areas of 7000 or 6700, where the 50 and 128 MA weekly (right chart) and the 200 EMA is setting up.
Trading and analysis are two different skill sets. A tiny percentage of traders possess both capabilities. TA, investor and Developer. Space engineer - CFA