With none of the daily PPMs in trend mode, yet the PPMs 1 and 3 forecasting more downward momentum, the outlook for the week looks dismal. That said, forecasted downward momentum doesn't mean down trend. Price is still a long ways to a down trend.
Looking at the weekly chart, none of the PPMs are in trend mode too. However, PPM1 is nearly there, having lost its uptrend momentum this week due to the volatility.
Could we expect movement to the 10 SMA? Maybe. But even if it does, it might not hold as the PPM1 is likely to be trend-less by then.
Price first has to cross below the 21 SMA though, which now stands at around 3.226. The PPM2 has been gaining momentum this week, so I expect price to receive some support there.
Looking at the weekly chart, none of the PPMs are in trend mode too. However, PPM1 is nearly there, having lost its uptrend momentum this week due to the volatility.
Could we expect movement to the 10 SMA? Maybe. But even if it does, it might not hold as the PPM1 is likely to be trend-less by then.
Price first has to cross below the 21 SMA though, which now stands at around 3.226. The PPM2 has been gaining momentum this week, so I expect price to receive some support there.
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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.