Possible cup and handle presenting:
- Volume dried up at bottom
- Volume is drying up in handle
- MACD showing momentum
- Buy the breakout of high in handle (2675)
What am I missing?
Volume, CMF, and MACD are all showing signals of lower trends while price continues to climb. I expect resistance, followed by continued declines in price.
We are in a tough spot for trading.
- Daily Volume on Dec 21st was almost double average volume (similar to Sept), which may have shown the end of the current trend
- Buyer Volume since then has been averaging down, meaning less and less buyers are showing confidence in this current bounce up
- MACD is reaching signal line. If it breaks above zero, it will show...
It will be interesting if we can close above the $2581 line (see base from Feb and March 2018). The pink line is the long term trend (which I believe is done). If it bounces off the support at $2581, then we will most likely head back to ~$2400 area.
