Daily: The chart is really interesting and tricky on averages. In terms of Ichimoku it is still not a buy! You could ask me why, when price has been above the Kumo for some time. The reason is, that this "bullish Kumo break" happened after a big corrective move from the preavious selloff, and actually the Price rather moved above the Kumo in kind of sideaway move. Still we have Kijun Sen below the Kumo, and even though Chikou Span is above Price candles it is still in/below the Kumo. For a sustainable Bull Price should get more momentum, breaking above the 9800 resistance, and also Chikou should follow the move going above the cloud.
But look at the momentum indicator! ADX dropped down sharply below 20 again, and the initial bullish DMI cross loosing validity now.
Meanwhile both MACD and Slow Stoch is about to give a sell signal.
Looks like this mkt is poised to drop from here, minimum to ard Kumo support 9470.
4 Hrs: Still trading above the Kumo and 100 WMA, but Chikou got close to price candles, and also ADX is below 20. The bullish momentum is fading. Maybe a bearish short position is still too early, but it is defenately time to reduce or fully close longs. Key support is ard 9575.
1 Hr: Price is below the Kumo now. Get ready for bearish confirmation. For this 9630 should be cleared. From there each spike is a selling opportunity on this time frame
But look at the momentum indicator! ADX dropped down sharply below 20 again, and the initial bullish DMI cross loosing validity now.
Meanwhile both MACD and Slow Stoch is about to give a sell signal.
Looks like this mkt is poised to drop from here, minimum to ard Kumo support 9470.
4 Hrs: Still trading above the Kumo and 100 WMA, but Chikou got close to price candles, and also ADX is below 20. The bullish momentum is fading. Maybe a bearish short position is still too early, but it is defenately time to reduce or fully close longs. Key support is ard 9575.
1 Hr: Price is below the Kumo now. Get ready for bearish confirmation. For this 9630 should be cleared. From there each spike is a selling opportunity on this time frame