We are still ranging with no major movements at all. This is always suspect, because we cannot be sure which way it will go.
Basing on the MACD we are still have downside bias (as a lagging indicator). The stochastic is positive (not shown), and we are well protected resistances at 13.90-14.23-14.29 for now. The Donchian channel is closing in as well.
Monday or Tuesday we will be below the cloud if no change in direction and resistance is 14.23 once again.
I feel still feel ok with short at 13.25-13.75 for a move to 11.80 > 10.05. A break above 14.30 would mean we may see 15.50-16.00 range, but these will be long-term selling levels. I am not inclined to buy right now because of the fact that the monthly chart is way overbought still.
Basing on the MACD we are still have downside bias (as a lagging indicator). The stochastic is positive (not shown), and we are well protected resistances at 13.90-14.23-14.29 for now. The Donchian channel is closing in as well.
Monday or Tuesday we will be below the cloud if no change in direction and resistance is 14.23 once again.
I feel still feel ok with short at 13.25-13.75 for a move to 11.80 > 10.05. A break above 14.30 would mean we may see 15.50-16.00 range, but these will be long-term selling levels. I am not inclined to buy right now because of the fact that the monthly chart is way overbought still.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.