This is a very busy chart, but there are quite a few things I want to point out.
You can see the large pitchfork on the chart. As you can see we are getting near the bottom of it. You might also see that a Fib on there. We're very close to the 78.6 level.
Now if you look really close, there are other lines in there. The bright light blue is a Simple Moving Average 100. The purple is a MA 50. Yellow MA 34.
Now, why might it go down?
How far could it go down? The MA 200 is sitting at 1.6500. Since MA 200 could be considered a 'fail safe' type of line, then we could consider 1.6500 a place the price could go down to.
FULL RISK DISCLOSURE: Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is no guarantee of future results. I am not a financial adviser nor am I offering any advise to you as to how you might trade or invest your money. All charts and writings are educational in nature, based on my current understanding of the markets and the trading market. DO NOT TAKE ANY EDUCATIONAL POST AS INVESTMENT ADVICE. IT IS NOT INTENDED AS SUCH. YOU ARE RESPONSIBLE FOR YOUR OWN TRADES.
You can see the large pitchfork on the chart. As you can see we are getting near the bottom of it. You might also see that a Fib on there. We're very close to the 78.6 level.
Now if you look really close, there are other lines in there. The bright light blue is a Simple Moving Average 100. The purple is a MA 50. Yellow MA 34.
Now, why might it go down?
- We are nearing the bottom of the pitchfork on the daily.
- We've come up to the 100, 50 and 34 level. If you look at what price has done near these levels in the past, you could see signs of a drop.
How far could it go down? The MA 200 is sitting at 1.6500. Since MA 200 could be considered a 'fail safe' type of line, then we could consider 1.6500 a place the price could go down to.
FULL RISK DISCLOSURE: Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is no guarantee of future results. I am not a financial adviser nor am I offering any advise to you as to how you might trade or invest your money. All charts and writings are educational in nature, based on my current understanding of the markets and the trading market. DO NOT TAKE ANY EDUCATIONAL POST AS INVESTMENT ADVICE. IT IS NOT INTENDED AS SUCH. YOU ARE RESPONSIBLE FOR YOUR OWN TRADES.