What's the probability of Week 3 April 2022: Well I have no alignment and therefore make a neutral call.
So this week smashed out another Bull candle, this is quite the rally. But notice how the last two weeks have been contained within the first pin bar. This is another indication of a rally that is losing momentum, but this does not indicate a reversal. So what else do we see? The volume is beginning to pick up again, the OBV has begun to level out slightly. Based on what we see, the week goes for another Bull.
But what do the days say? Well, we have a week that produced a Bull candle on Monday, and it did the same on Tuesday. But this is where the chart begins to level out and stall. It is the point and location that is significant because this is the first time the rally has been unable to close with a new high, in fact, the candles are compressing. The volume is decreasing in a linear formation and the OBV is in alignment with the candles. This week has the possibility of a retracement or sideways overseeing a Bull led week.
So this week smashed out another Bull candle, this is quite the rally. But notice how the last two weeks have been contained within the first pin bar. This is another indication of a rally that is losing momentum, but this does not indicate a reversal. So what else do we see? The volume is beginning to pick up again, the OBV has begun to level out slightly. Based on what we see, the week goes for another Bull.
But what do the days say? Well, we have a week that produced a Bull candle on Monday, and it did the same on Tuesday. But this is where the chart begins to level out and stall. It is the point and location that is significant because this is the first time the rally has been unable to close with a new high, in fact, the candles are compressing. The volume is decreasing in a linear formation and the OBV is in alignment with the candles. This week has the possibility of a retracement or sideways overseeing a Bull led week.
Note
This was a pretty decent assessment.
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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.