Bearish considerations:
1. All moving averages of importance have curled over and have negative slopes.
2. A clearly-defined uptrend has been broken and tested multiple times.
3. A .382 Fib retracement has been clearly defined.
4. There is a bear flag pattern (the green channel).
5. The 200-day has been retested and rejected from below in a major way
Bullish considerations:
1. Higher highs and higher lows on daily chart.
2. 100-week sma is upsloping and not far below current price, may act as support.
3. There’s a potential time series of peaks that would see a new 2022 high put in by June 9th
The Fib retracement (not shown) that would be bullish if it fell on a Fib level falls in the middle of the .786 and a 1.000 levels which suggests to me a minimum price target of a full retrace at 28600.
1. All moving averages of importance have curled over and have negative slopes.
2. A clearly-defined uptrend has been broken and tested multiple times.
3. A .382 Fib retracement has been clearly defined.
4. There is a bear flag pattern (the green channel).
5. The 200-day has been retested and rejected from below in a major way
Bullish considerations:
1. Higher highs and higher lows on daily chart.
2. 100-week sma is upsloping and not far below current price, may act as support.
3. There’s a potential time series of peaks that would see a new 2022 high put in by June 9th
The Fib retracement (not shown) that would be bullish if it fell on a Fib level falls in the middle of the .786 and a 1.000 levels which suggests to me a minimum price target of a full retrace at 28600.
Trade closed: target reached