The daily chart gives us more positive than the weekly timeframe. Don’t forget to read about possible market movements on the higher chart. You can find the market overview based on the weekly timeframe in the related ideas below this post.
The price bounces from the uptrend line and we can expect that a new upward movement will be developed. The target will be the same 10000.00 resistance level, which is very important for the market from psychological point of view. For the upward movement the price will have to break the downtrend line on the hourly charts, but I don’t think that it will be impossible for the buyers.
If we look at indicators we can see following signals:
- RSI confirms the price reversal in the oversold zone. It’s solid bullish signal.
- MACD histogram is going to support the upward movement and it’s bullish signal too
- MACD lines are still bearish but they are below the signal level and they are ready to support the upward movement after several bullish candles
- DMI is bearish with ADX line supporting the strength of sellers. It’s ok because this is lagging indicator and it needs more bullish candles for confirming the price reversal.
The daily chart looks bullish and if it’s not manipulated, we should be ready to see and join to the upward movement. Breaking above 10000.00 level will confirm the uptrend. We’ll have higher highs and higher lows.
Alternative variant: the price breaks the support zone formed by the uptrend line and 7000.00 support level. It will be a bearish signal confirming further falling. The targets will be 5000.00 and 3000.00 support levels.
If you think that this market overview is helpful for you, please support my work by your likes. Also, share your ideas about possible market movements in comments.
The price bounces from the uptrend line and we can expect that a new upward movement will be developed. The target will be the same 10000.00 resistance level, which is very important for the market from psychological point of view. For the upward movement the price will have to break the downtrend line on the hourly charts, but I don’t think that it will be impossible for the buyers.
If we look at indicators we can see following signals:
- RSI confirms the price reversal in the oversold zone. It’s solid bullish signal.
- MACD histogram is going to support the upward movement and it’s bullish signal too
- MACD lines are still bearish but they are below the signal level and they are ready to support the upward movement after several bullish candles
- DMI is bearish with ADX line supporting the strength of sellers. It’s ok because this is lagging indicator and it needs more bullish candles for confirming the price reversal.
The daily chart looks bullish and if it’s not manipulated, we should be ready to see and join to the upward movement. Breaking above 10000.00 level will confirm the uptrend. We’ll have higher highs and higher lows.
Alternative variant: the price breaks the support zone formed by the uptrend line and 7000.00 support level. It will be a bearish signal confirming further falling. The targets will be 5000.00 and 3000.00 support levels.
If you think that this market overview is helpful for you, please support my work by your likes. Also, share your ideas about possible market movements in comments.
Comment:
The price bounced from SMA50 but it does not mean that the market is going to fall soon. I expect further upward movement after this short term retracement.
Comment:
One more signal confirming further upward movement. Look at a bullish divergence based on the 4H timeframe.
Comment:
The 1H chart confirms the uptrend. We have higher highs and higher lows.
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