Clear path ahead?
Since the last update, while the price did come down to hit the 10SMA, it didn't start a downtrend. It went back up instead.
Now looking forward, the daily is once again showing signs of weakness. Looking at the PPM 1, though it is still in trend mode, the algo seems to suggest a lost in momentum. PPM 3 also seems to suggest a lost in momentum although from a no trend mode.
We could see a break of the 10SMA into the 40SMA before bouncing back up again.
Why I say bouncing back up again is because the weekly PPMs are still all in uptrend. Hence it is difficult to suggest otherwise as last time. In fact, the 40SMA on the daily is similar in position to the 10SMA on the weekly at this point in time, so it could materialize this way over the next few sessions.
Now looking forward, the daily is once again showing signs of weakness. Looking at the PPM 1, though it is still in trend mode, the algo seems to suggest a lost in momentum. PPM 3 also seems to suggest a lost in momentum although from a no trend mode.
We could see a break of the 10SMA into the 40SMA before bouncing back up again.
Why I say bouncing back up again is because the weekly PPMs are still all in uptrend. Hence it is difficult to suggest otherwise as last time. In fact, the 40SMA on the daily is similar in position to the 10SMA on the weekly at this point in time, so it could materialize this way over the next few sessions.
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