Bulls may have gained the EMA 12, 26, and broken a minor downtrend line, but the Bears have MA 50, 100, and with backing by a large downtrend line. MA 100 is settling right atop the down trend line from September, and recent price action just saw MA 50 act quite quick with profit taking.
While a minor double bottom reversal may have formed near $100, there is stiff double top action positioned. Some real upward momentum is going to be needed to overcome these Bear defense lines.
To fail here would invite another $80 retest, and perhaps a firm double bottom reversal, one with enough momentum. However, a 'Chink in the Armor' here would certainly soften things up a bit.
The next few days will tell tales.
Good Luck, Traders. May you find yourself on the correct side of it.
While a minor double bottom reversal may have formed near $100, there is stiff double top action positioned. Some real upward momentum is going to be needed to overcome these Bear defense lines.
To fail here would invite another $80 retest, and perhaps a firm double bottom reversal, one with enough momentum. However, a 'Chink in the Armor' here would certainly soften things up a bit.
The next few days will tell tales.
Good Luck, Traders. May you find yourself on the correct side of it.
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This is about as close as it gets to a Bullish Butterfly. Just another thought on the matter. Trade active
Bullish Three Drives Lines us up with SMA 200, and a small correction will keep us in the Bullish Butterfly.Note
Apologies folks, that's the SMA 50 in Yellow and SMA 100 in Blue. Replace 100 with 50, and 200 with 100 for the Bullish Butterfly on the Daily Analysis.
200 SMA is up around $200
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Bulls clinging to the uptrend line. Last cycle was nearly 2 days to surge, we'll see if previous action predicts the next move and surge toward Daily SMA 50 and 100. Lots of resistance overhead and I would anticipate a larger pull back if Bullish action surges towards the Daily SMA 100 and the major downtrend line.
On the 12H, EMA 12, and 26 have crossed over the SMA 50. Last time this occurred was during the beginning of December rally.
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Where is the volume? The last Bull Move contained significant volume. If Bulls expect to break the 100 SMA, or even the 50, something significant would have to transpire in real volume. Note
Things are heating up. See my post on Bullish Butterfly and Berish Three-Drives Pattern.
Note
Fireworks soon.EMA 12, 16, and SMA 20 are supporting price action.
Downtrend line is backed by SMA 50 and 100. If Bulls pop this, and gain the 50, 100 - this could very well go Stellar for a bit. A fail here could be costly.
Note
SMA 20 in Orange.
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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.