After bouncing at S1, the bulls and bears have been battling it out at R1. If R1 holds, a retest of S1 and/or the lower trend line is likely. Bearish momentum is slowing and S1 and S2 are both be attractive buy locations for bulls IMO, though in probabilistic terms I think a hit of S1 is much more likely than a hit of S2. Personally, I am waiting for the less probably chance that price hits S2.
wH C-MA:
Notice that price briefly got above the C-MA but the color remained red (bearish).
wH C-MA:
Notice that price briefly got above the C-MA but the color remained red (bearish).
Comment:
wH Momentum+
The Momentum+ indicator. Notice the bearish divergence (red line drawn by indicator) that occurred prior to the may downturn and the bear momentum double bottom that happened on the test of S1. Also notice that the test of R1 has remained bearish despite being above the bullish centerline.
The Momentum+ indicator. Notice the bearish divergence (red line drawn by indicator) that occurred prior to the may downturn and the bear momentum double bottom that happened on the test of S1. Also notice that the test of R1 has remained bearish despite being above the bullish centerline.
So far, price has not managed to cross the middle of the channel into bullish territory.