Upward pressure race 6h/12h Observation

Updated

For the first time since the end of March, both the Red RSI & Blue LSMA have made it above level 50 in the 6h timeframe. When the Red RSI crossed above 50 it triggered an upward pressure race between the Energy in the 6h & the Red RSI in the 12h. If the Red RSI in the 12h can CROSS above 50 before the Energy CLOSES below 50 in the 6h we could see a possible transition to local upward pressure. The Green EMA is also higher than the Energy in the preceding three timeframes. If we succeed, we will need to see the upward pressure races cascade into higher timeframes. We could also see the Bollinger Band basis act as support in the 6h if the Red RSI & Blue LSMA continue up. Additionally if the Blue LSMA continues it's upward path in the 6h there is a possibility of the Bollinger Bands expanding with the price action moving to the upside between the BB basis and the White Upper BB.

Without this happening we can not see a reversal to upward pressure...
Just observation - not financial advice..

Note

If this plays out - we could close weekly above preserving support... for now

aBitLong

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