Im taking a look at the 4 hr chart this morning after a pretty boring weekend. There were some small fluctuations in price but we have not moved much over the last 2 days. This could be the calm before a storm. When low volatility shows its face the Bolinger bands tighten up and when that happens volatility is just around the corner
(the Bolinger bands on the daily are tightening up nicely) I drew an upwards trend line that has been acting as a focal point of support and resistance for weeks now. We fell under this line a few candles ago and we are on a crash course with the 4hr cloud. Being inside the cloud can cause more consolidation. The .5 fib (8267) is providing the candles with some support along with the top of the cloud. We have been bouncing around between 7750 and 8800 for the last couple of weeks and Im afraid that wont last much longer. A move is coming. Daily volume is sitting at $15,002,968,993 which is about average over the past month or so. There is some support at 8150 on the .618 fib. It supported the candles a few days ago and could provide some support if we do drop. (I am still bearish until we can get above the 200 MA on the daily) Lets see what this week brings us after such a boring weekend... (WTFDIK?)
(the Bolinger bands on the daily are tightening up nicely) I drew an upwards trend line that has been acting as a focal point of support and resistance for weeks now. We fell under this line a few candles ago and we are on a crash course with the 4hr cloud. Being inside the cloud can cause more consolidation. The .5 fib (8267) is providing the candles with some support along with the top of the cloud. We have been bouncing around between 7750 and 8800 for the last couple of weeks and Im afraid that wont last much longer. A move is coming. Daily volume is sitting at $15,002,968,993 which is about average over the past month or so. There is some support at 8150 on the .618 fib. It supported the candles a few days ago and could provide some support if we do drop. (I am still bearish until we can get above the 200 MA on the daily) Lets see what this week brings us after such a boring weekend... (WTFDIK?)