26/02/22
THE FORECAST FOR WEEK 1 MARCH 2022 IS = 50/50 (Week and Days divided)
COMBINED FORECAST FOR MARCH 2022 = BEAR (smaller candle body likely tails)
DAYS
WEEK 4 OF FEB FORECAST WAS = NO ASSESSMENT COMPLETED
PROBABILITY OF DAYS FOR WEEK 1 MARCH = BEAR
This week continued the bearish decline. Thursday gap opened with a solid Bull candle raising prices again, it had no tails. Friday gap opened again (small) with a close in the same spot. the range was very tight. This suggested the pin bar of the week chart has little meaning, the OBV now possibly holds more weight. Probability this week will continue Bear.
Note volume on Thursday was significant with Friday decreasing again.
WEEK
WEEK 4 OF FEB FORECAST WAS = NO ASSESSMENT COMPLETED
PROBABILITY FOR WEEK 1 MARCH = BULL (based on pin bar at a key location, this is a powerful move and holds more weight in my view than the OBV)
This week formed a pin bar within a previously tested resistance range, this is key as this range was a significant high point back in early 2021. This is possibly the end of a retracement according to basic candle patterns. Volume increased this week however the OBV is showing a defined downtrend. So we now have some opposing views.
MONTH
FORECAST IN JAN FOR FEB = BEAR = ACCURATE
FORECAST IN FEB FOR MARCH = BEAR (smaller candle body likely tails)
Complete Bear candle with average volume. The candle had a decent bottom tail as did Jan. Price closed at previous resistance suggesting March may be positive. OBV is still quite high but it has started to turn downward. Three months straight of bear candles indicates Bears has control of direction. But the declining volume does improve the probability of a Bull or a smaller Bear candle.
THE FORECAST FOR WEEK 1 MARCH 2022 IS = 50/50 (Week and Days divided)
COMBINED FORECAST FOR MARCH 2022 = BEAR (smaller candle body likely tails)
DAYS
WEEK 4 OF FEB FORECAST WAS = NO ASSESSMENT COMPLETED
PROBABILITY OF DAYS FOR WEEK 1 MARCH = BEAR
This week continued the bearish decline. Thursday gap opened with a solid Bull candle raising prices again, it had no tails. Friday gap opened again (small) with a close in the same spot. the range was very tight. This suggested the pin bar of the week chart has little meaning, the OBV now possibly holds more weight. Probability this week will continue Bear.
Note volume on Thursday was significant with Friday decreasing again.
WEEK
WEEK 4 OF FEB FORECAST WAS = NO ASSESSMENT COMPLETED
PROBABILITY FOR WEEK 1 MARCH = BULL (based on pin bar at a key location, this is a powerful move and holds more weight in my view than the OBV)
This week formed a pin bar within a previously tested resistance range, this is key as this range was a significant high point back in early 2021. This is possibly the end of a retracement according to basic candle patterns. Volume increased this week however the OBV is showing a defined downtrend. So we now have some opposing views.
MONTH
FORECAST IN JAN FOR FEB = BEAR = ACCURATE
FORECAST IN FEB FOR MARCH = BEAR (smaller candle body likely tails)
Complete Bear candle with average volume. The candle had a decent bottom tail as did Jan. Price closed at previous resistance suggesting March may be positive. OBV is still quite high but it has started to turn downward. Three months straight of bear candles indicates Bears has control of direction. But the declining volume does improve the probability of a Bull or a smaller Bear candle.
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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.