DATE:12/04/2014
RENKO CHART
Price is still on downwards leg currently
Main trend is still bullish
CANDLESTICK CHART
HEAD AND SHOULDERS formation with neckline broken is observed (observable on RENKO chart also)
Projection of price target according to the H&S still not fulfilled (Note the closeness of the price projection and the support @ 1.45076)
HOWEVER,
Doji formation yesterday and bullish candle today show signs of a resumption of up trend
This is further supported by a bullish divergence on RSI
Conclusion
Uncertain outlook. Further confirmation is required. If price continues to the support zone and holds, it might be a good price to go long.
RENKO CHART
Price is still on downwards leg currently
Main trend is still bullish
CANDLESTICK CHART
HEAD AND SHOULDERS formation with neckline broken is observed (observable on RENKO chart also)
Projection of price target according to the H&S still not fulfilled (Note the closeness of the price projection and the support @ 1.45076)
HOWEVER,
Doji formation yesterday and bullish candle today show signs of a resumption of up trend
This is further supported by a bullish divergence on RSI
Conclusion
Uncertain outlook. Further confirmation is required. If price continues to the support zone and holds, it might be a good price to go long.