Hi everyone,
How quiet it is on the forum here, today we are also not much further than the beginning of June! After the breakout from the falling wedge at the end of July, a major decline was expected, but it has not really continued. At the beginning of September, a breakout by 545 (see green circle) was reversed, which increases the chances of realizing an upward breakthrough again due to the falling resistance line, which today also runs together with the MA50! It is important to keep an eye on these above, again giving a strong buy signal. We are not that far yet. An important fact is the RSI, see the falling resistance line, we are just below a breakthrough is possible, wait here for a clear signal. If it resists, we just go further down.
Support: 545/530
Resistance: 560 (MA50)
We are currently in a kind of no man's land, in the event of an outbreak it can suddenly go fast, guard the borders well;)
Regards,
TT
How quiet it is on the forum here, today we are also not much further than the beginning of June! After the breakout from the falling wedge at the end of July, a major decline was expected, but it has not really continued. At the beginning of September, a breakout by 545 (see green circle) was reversed, which increases the chances of realizing an upward breakthrough again due to the falling resistance line, which today also runs together with the MA50! It is important to keep an eye on these above, again giving a strong buy signal. We are not that far yet. An important fact is the RSI, see the falling resistance line, we are just below a breakthrough is possible, wait here for a clear signal. If it resists, we just go further down.
Support: 545/530
Resistance: 560 (MA50)
We are currently in a kind of no man's land, in the event of an outbreak it can suddenly go fast, guard the borders well;)
Regards,
TT
Comment:
Just the hourly chart, an exciting moment in the coming hours breaks the resistance line or not? RSI flirts with the OB zone, now it should be for a breakthrough for the bulls
Comment:
the blue arrow changes into a red arrow, the bulls have not yet managed to break through the resistance line, it remains standing. With the large drop this morning, we are back in a bear market range on the hourly chart, there is an opening gap at 556 that can still be closed and has an attractive effect
Comment:
Is this the start of the storm? not yet, it is starting to get windy;). The gap of last Friday around 555 is closed, this morning we opened again with a downward gap around 548, which can now have an attractive effect. What's more important to see is that the RSI is now in the OS zone (below 30) which is a negative signal compared to the previous bottom around 535. For the bulls it is important that the zone will keep 530 otherwise the storm will erupt well, be prepared!
Comment:
On the way to the open gap on a daily basis around 548, hourly basis around 550 but this does not mean much. It is now important to keep an eye on the RSI around the median (50) or it remains in the bear market range, then a further decline towards 530 visibility will continue.
Comment:
Yesterday the gap closed at 550, the RSI had to go into bull-range for this, but then quickly whistled back again today an open gap, now around 545, which is improving, if the RSI remains in bear range this time it will be possible to look up the 530.
Comment:
yesterday's gap around 545 is almost closed again, the RSI has remained in the bear range with further weakening as a result, next step is retest 535 -530 zone, for bottom formation it is now important that the RSI does not become OS! (under 30)
Comment:
There is a clear bottom in the RSI! in the retest of 535 the RSI can now remain above 30 (this can be seen as a bottom). The movement on this is so strong that we are almost at the falling resistance line now around 554. Only when this is overcome we can speak of a resumption of the upward trend, otherwise not! (wonder what color the blue arrow will get)
Comment:
It will be exciting hours! , Having arrived at the declining resistance line, the bulls have already excellently prepared an upward movement (see green trend channel and green support line RSI). they still have a slight advantage, but do they have the strength to break through? The next few hours will be decisive
Comment:
The bulls did an excellent preparation work last week and today managed to force the breakthrough due to the declining top line. Are we going up like a rocket now? Not too fast, there is an opening gap again around 553 which will have an attractive effect, it is important that the falling resistance line must now also provide a support line. On a daily basis, the breakthrough also needs to be confirmed, you know false breakthroughs can be counterproductive.
