We recently broke out of a semi-long term downwards channel, funneling the price movement to the upside which you can see in the smaller channel pictured above.
However, recent price action suggests that we are looking at potential short-term downside, whether its short term or something that turns bearish and more long term.. I suspect we will find out in today's trading session.
My personal assumption is that we touch the 20 day EMA (approx. $118) on the open, potentially sliding down to the 50 day EMA at (approx. $114).
(IF) we don't rebound back above $122.. preferably $$128-130 at EOB; I just don't see how we continue any upwards price action for the remainder of the week.
A close below $122 would confirm re-establishment of bearish cycle. Something closer to the $130 region would potentially lead to further upside. Anything in between I would consider as consolidation/indecision.
However, recent price action suggests that we are looking at potential short-term downside, whether its short term or something that turns bearish and more long term.. I suspect we will find out in today's trading session.
My personal assumption is that we touch the 20 day EMA (approx. $118) on the open, potentially sliding down to the 50 day EMA at (approx. $114).
(IF) we don't rebound back above $122.. preferably $$128-130 at EOB; I just don't see how we continue any upwards price action for the remainder of the week.
A close below $122 would confirm re-establishment of bearish cycle. Something closer to the $130 region would potentially lead to further upside. Anything in between I would consider as consolidation/indecision.
Trade active
And just like that.. a deal announcement and we're back in business. PT $155+
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.