Chart analysis is not a pinpoint accurate science... but there are big picture principles that help.
We previously noted the candle ranges during the stopping action that occurred after the big drop in early September.
That allowed us to project a trading range which, as you can see, is now acting as a point of support today.
A break below would be a very bearish signal for traders and bots with a target down to $290.
Recovery above the 'red zone' will help show the market that enough buying interest exists to hopefully build confidence for the bulls to come into the market.
From a medium term perspective Team Sparkster remains Neutral. Until our SparksterSignals platform can see positive momentum for new BUY signals we remain cautious. Check out the link below for details.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
We previously noted the candle ranges during the stopping action that occurred after the big drop in early September.
That allowed us to project a trading range which, as you can see, is now acting as a point of support today.
A break below would be a very bearish signal for traders and bots with a target down to $290.
Recovery above the 'red zone' will help show the market that enough buying interest exists to hopefully build confidence for the bulls to come into the market.
From a medium term perspective Team Sparkster remains Neutral. Until our SparksterSignals platform can see positive momentum for new BUY signals we remain cautious. Check out the link below for details.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
