Before discussing the 2h chart, a review of the long term RSI. The 1m RSI shows a continued downtrend but the 1w is showing signs of a levelling off of PA from a down trend to an oscillating sideways action. The sRSI on the 1w is very low at 10 with the lines level and overlapping possibly indicating an uptrend on the sRSI soon.
Now looking at the chart indications on the 2h chart above we see PA has formed a bullish descending channel reaching a strong support area at the $1.33 area. PA is now below the 20 and 50ma and just above the 200ma, on a 2h chart. The MacD is in a descending action with the volumes showing mostly red bars.
With the long term RSI showing a continued down trend to possible levelling off of the PA combined with the shorter timeframe indications showing a sideways action, I can see 2 possible scenarios.
1 - the PA possibly bouncing off the present support area back up to the next support area of $1.50 ish,
but most likely,
2 - PA will continue descending in the channel to the next lower support area of $1.20-1.25 area before ascending up thru the channel to the $1.50 area.
My thoughts, not advice Oklah. Cheers
Thanks for all your likes and comments.
Now looking at the chart indications on the 2h chart above we see PA has formed a bullish descending channel reaching a strong support area at the $1.33 area. PA is now below the 20 and 50ma and just above the 200ma, on a 2h chart. The MacD is in a descending action with the volumes showing mostly red bars.
With the long term RSI showing a continued down trend to possible levelling off of the PA combined with the shorter timeframe indications showing a sideways action, I can see 2 possible scenarios.
1 - the PA possibly bouncing off the present support area back up to the next support area of $1.50 ish,
but most likely,
2 - PA will continue descending in the channel to the next lower support area of $1.20-1.25 area before ascending up thru the channel to the $1.50 area.
My thoughts, not advice Oklah. Cheers
Thanks for all your likes and comments.