Nope, probably not.
The weekly chart on the left shows a nasty topping pattern, a weird H&S. However, the bearish picture is not sustainable, as the indicators are very oversold, while we are still in an uptrend. Climatic action on the Force Index, climactic volume for the previous week on the volume bar. Price also stands at an important support area, and the breakdown proved false. Until I wont see a clear downtrend, oversold indicators are a buying opportunity. The current oversold condition is not sustainable, and rallies are likely. The impulse is still red.
Now, looking at the daily, the picture is similar, but here there is more information that the sell-off is over. Price made a false breakdown (as outlined also on the weekly) below strong support. What is even more interesting about this is that the breakdown proved false on a Monday, after a gap down, after a bearish Friday. This is one of the best triggers I know (trigger identified by Gary Smith). Further down, there are confirmed bullish divergences on the MACD lines and histogram. The Force Index is extremely oversold and has now climbed back inside the channel, while the volume on the Weis Wave is climactic.
Look for 93$.
The weekly chart on the left shows a nasty topping pattern, a weird H&S. However, the bearish picture is not sustainable, as the indicators are very oversold, while we are still in an uptrend. Climatic action on the Force Index, climactic volume for the previous week on the volume bar. Price also stands at an important support area, and the breakdown proved false. Until I wont see a clear downtrend, oversold indicators are a buying opportunity. The current oversold condition is not sustainable, and rallies are likely. The impulse is still red.
Now, looking at the daily, the picture is similar, but here there is more information that the sell-off is over. Price made a false breakdown (as outlined also on the weekly) below strong support. What is even more interesting about this is that the breakdown proved false on a Monday, after a gap down, after a bearish Friday. This is one of the best triggers I know (trigger identified by Gary Smith). Further down, there are confirmed bullish divergences on the MACD lines and histogram. The Force Index is extremely oversold and has now climbed back inside the channel, while the volume on the Weis Wave is climactic.
Look for 93$.