Weekly momentum not looking good
The daily chart today shows a loss of momentum with all the PPMs trendless and their algos pointing to the downside.
Furthermore, price has just gone below the 10SMA. This is somehow to be expected as the PPM1 is below its 2 derivatives. I doubt the price can go much above the 10SMA in the near future.
PPMs 2 and 3 are also surprisingly under their 2 derivatives. This means the daily chart has likely peaked and is likely going to pull back for now.
Moving on to the weekly chart, we are seeing 2 weekly candles in a row that look like gravestone dojis. Even though PPMs 1 and 2 are still in uptrend, these 2 previous candles look ominous.
Superstitions aside, the fact that PPMs 1 and 2 are still above their 2 derivatives means the uptrend is still somewhat in play. The daily chart may be bearish but the weekly 10SMA is still likely to hold, though that's quite a ways down from the current price.
I still can't say if it has topped on the weekly, we will have to see how the daily plays out first. Next week will be important for the bulls to put in their last stand.
Furthermore, price has just gone below the 10SMA. This is somehow to be expected as the PPM1 is below its 2 derivatives. I doubt the price can go much above the 10SMA in the near future.
PPMs 2 and 3 are also surprisingly under their 2 derivatives. This means the daily chart has likely peaked and is likely going to pull back for now.
Moving on to the weekly chart, we are seeing 2 weekly candles in a row that look like gravestone dojis. Even though PPMs 1 and 2 are still in uptrend, these 2 previous candles look ominous.
Superstitions aside, the fact that PPMs 1 and 2 are still above their 2 derivatives means the uptrend is still somewhat in play. The daily chart may be bearish but the weekly 10SMA is still likely to hold, though that's quite a ways down from the current price.
I still can't say if it has topped on the weekly, we will have to see how the daily plays out first. Next week will be important for the bulls to put in their last stand.
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