Although, we are seeing prices going down and volume drastically dropping, this could be a very good sign for the bulls for the next month of June.
Weekly and monthly charts are showing some possible correlations that could confirm the double bottom completion "W" for the end of this week beginning of the next.
Im basing my forecast in price action, volume and oscilator patterns, which are the following:
1. Price action: First bottom completion at the of March, followed by a lower high in April and possibly making the "restest" of that previous low at the end of this week. Confirming "W" bottom. I do not take in consideration February low as it didnt close at such price level and Monthly Rsi confirms it.
2. Volume: Double bottoms patterns characterize for huge difference in volume within the two bottoms and as we are all seeing the volume has made a considerably drop.
3. Oscilators: I use Stochastic and RSI as you can see and yes.........I know! "they show the same" but they dont! the nature of these two isolators is the same but the patterns they show are different and very relevant to my style.
So monthly RSI is showing a possible double bottom at near 50 which if confirmed would be a very bullish sign and also, weekly Stochastic are showing possible divergence that again if completed.......could potentially be a sign of momentum changing.
If you like my anaylis or disagree with any of the state above........please coment below!
Weekly and monthly charts are showing some possible correlations that could confirm the double bottom completion "W" for the end of this week beginning of the next.
Im basing my forecast in price action, volume and oscilator patterns, which are the following:
1. Price action: First bottom completion at the of March, followed by a lower high in April and possibly making the "restest" of that previous low at the end of this week. Confirming "W" bottom. I do not take in consideration February low as it didnt close at such price level and Monthly Rsi confirms it.
2. Volume: Double bottoms patterns characterize for huge difference in volume within the two bottoms and as we are all seeing the volume has made a considerably drop.
3. Oscilators: I use Stochastic and RSI as you can see and yes.........I know! "they show the same" but they dont! the nature of these two isolators is the same but the patterns they show are different and very relevant to my style.
So monthly RSI is showing a possible double bottom at near 50 which if confirmed would be a very bullish sign and also, weekly Stochastic are showing possible divergence that again if completed.......could potentially be a sign of momentum changing.
If you like my anaylis or disagree with any of the state above........please coment below!