AO shows decreasing momentum. Target back to EMA 200.
A divergence was shown on the Momentum Indicator for every price increased. Red and yellow arrow. The green arrow could be the finally test on the historical support zone.
Resting on EMA 50. See price action to form the Right Shoulder. Set Buy Stop at neckline for breakout, retest neckline and LONG again.
RSI divergence valid til 40-30 range. Look out breakout neckline price between previous double top neckline 1.52488 and previous retested price 1.52011
A/D divergence on weekly chart. Please click LIKE to support this idea! Thanks.
Let the Head and Shoulder forms to reach 109.327
Let the Head and Shoulder forms to reach 109.327
Prices tested many times without volume support especially on the 3th price stall which gives clue to the future price.
Had previously rose higher but evident no support by volume.
Price outside the SR line but volume yet to catch up (Losing momentum). I am targeting 107.442
My reason for LONG. Since the big drop, prices had been consolidated below 107.500. The trading volume had declined since then except on two occasions. There is a bullish divergence on the OBV indicator. It can be a good clue that the market is likely going to reverse. Lastly, if prices were to continue to drop, there should be an increase in trading volume...