The price have broken out of a downward trend channel and haven't tested the breakout line yet.
the price have had a 44 angle down trend, with a following 63 angle of breakout.
The movements have also made a double top on the upwards run. this 2 tops can be counted as a triple top test. If you look at the start of the trend channel, you se the price have ben testing this area before.
I see the price retrace back to the breakout line, and testing the 12148 level, if break of that level, we will se the price move back into the trend channel and where we go from there is a good question.
A break of level 12649, we could se the price go to 12925 before further downside moves.
The Oscillator have also produced a higher low, while the price have produced a lower low. (Marked with yellow rings.)
This is a regular bullish divergence. Before i see further upside i would like to se a confirmation of that bullish indicator, with a test of the 12148 level, and will be seen as a retracement of the price which is healthy before a bull run.
Good luck :)
the price have had a 44 angle down trend, with a following 63 angle of breakout.
The movements have also made a double top on the upwards run. this 2 tops can be counted as a triple top test. If you look at the start of the trend channel, you se the price have ben testing this area before.
I see the price retrace back to the breakout line, and testing the 12148 level, if break of that level, we will se the price move back into the trend channel and where we go from there is a good question.
A break of level 12649, we could se the price go to 12925 before further downside moves.
The Oscillator have also produced a higher low, while the price have produced a lower low. (Marked with yellow rings.)
This is a regular bullish divergence. Before i see further upside i would like to se a confirmation of that bullish indicator, with a test of the 12148 level, and will be seen as a retracement of the price which is healthy before a bull run.
Good luck :)