26/02/22
FORECAST FOR WEEK 1 MARCH 2022 IS = BEAR (based on the alignment of week and day)
COMBINED FORECAST FOR MARCH 2022 = BULL (based on month assessment, noting the divergence of the day and week charts))
DAYS
WEEK 4 OF FEB FORECAST WAS = BEAR = ACCURATE
PROBABILITY OF DAYS FOR WEEK 1 MARCH = BEAR
This daily chart is essentially tracking sideways. Recently that range has increased in magnitude. The week opened with its slow but steady continuation downward. Thursday it significantly increased the candle body and bottom tail, along with significant volume. Friday formed an inside bar containing most of its body within Thursday's body. Volume is also significant but around 30% reduction in size. These recent large moves are still contained with the sideway motion of this chart. A close below 1.11 is needed, as well as a close above 1.14. We are nearer to 1.11. Given the larger downtrend, it is probable this move with greatly test the 1.11.
Note: OBV though trending south, I sense it has the feel of a change in direction. If we compare the candle highs and the OBV highs, the last OBV is higher.....could this be reversal forming?
WEEK
WEEK 4 OF FEB FORECAST WAS = BEAR = ACCURATE
PROBABILITY FOR WEEK 1 MARCH = BEAR
This week, the candle formed a spinning top. The volume increased from last week, coupled with the OBV trending bear this is a convincing downtrend. The probability for this week says bears will hold the dominant influence. The previous 4th week ago, failed to develop the engulfing candle into a bull run.
MONTH
FORECAST IN JAN FOR FEB = BEAR = INACCURATE
FORECAST IN FEB FOR MARCH = BULL
The body is contained inside January's body. Volume was up from the previous month. OBV is not really identifying a great deal. There are three low points Jan2017, March2020, and these last two months. These represent a trending support line. March has the possibility of bouncing or protruding. Given the highs are also lower, I see a compressing range. I expect this to continue, this would mean March would have a higher probability to be BULL.
FORECAST FOR WEEK 1 MARCH 2022 IS = BEAR (based on the alignment of week and day)
COMBINED FORECAST FOR MARCH 2022 = BULL (based on month assessment, noting the divergence of the day and week charts))
DAYS
WEEK 4 OF FEB FORECAST WAS = BEAR = ACCURATE
PROBABILITY OF DAYS FOR WEEK 1 MARCH = BEAR
This daily chart is essentially tracking sideways. Recently that range has increased in magnitude. The week opened with its slow but steady continuation downward. Thursday it significantly increased the candle body and bottom tail, along with significant volume. Friday formed an inside bar containing most of its body within Thursday's body. Volume is also significant but around 30% reduction in size. These recent large moves are still contained with the sideway motion of this chart. A close below 1.11 is needed, as well as a close above 1.14. We are nearer to 1.11. Given the larger downtrend, it is probable this move with greatly test the 1.11.
Note: OBV though trending south, I sense it has the feel of a change in direction. If we compare the candle highs and the OBV highs, the last OBV is higher.....could this be reversal forming?
WEEK
WEEK 4 OF FEB FORECAST WAS = BEAR = ACCURATE
PROBABILITY FOR WEEK 1 MARCH = BEAR
This week, the candle formed a spinning top. The volume increased from last week, coupled with the OBV trending bear this is a convincing downtrend. The probability for this week says bears will hold the dominant influence. The previous 4th week ago, failed to develop the engulfing candle into a bull run.
MONTH
FORECAST IN JAN FOR FEB = BEAR = INACCURATE
FORECAST IN FEB FOR MARCH = BULL
The body is contained inside January's body. Volume was up from the previous month. OBV is not really identifying a great deal. There are three low points Jan2017, March2020, and these last two months. These represent a trending support line. March has the possibility of bouncing or protruding. Given the highs are also lower, I see a compressing range. I expect this to continue, this would mean March would have a higher probability to be BULL.
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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.