Clicks has been trending downwards, now price has reached the pink upward slopping trendline just below the 200 week moving average. Here we are looking for a swing low on the weekly time frame to confirm the trend has changed & this is cemented by price closing above the blue trendline. More risk accepting investors can buy on the swing low while those seeking more confirmation can wait for the blue trendline. To confirm that price is in a new monthly cycle, price will have to close above the green trendline so there will be a good opportunity to hold for a longer-term.
Comment:
Clicks is close to confirming the weekly low by closing above the blue trendline, it has already confirmed a weekly swing low.
Comment:
Clicks has an objective, to go lower than 20 April before setting a low, this is close. Longer weekly cycles for Clicks are 49/50 weeks, we are entering week 47 with indicators showing a bottoming.
Comment:
CLS with a reversal dragonfly doji, this is week 48 with good volume, expecting price reversal to leave behind a weekly low & possibly a yearly low.
Trade closed: target reached