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Note that this view might be in contrast to the higher time frames (weekly/monthly) which suggest a downward/weak trend . Preferred entry at 1172c or slightly lower. At current levels, the share may be in the early stages of developing a short term base while possibly poised for a short term countertrend bullish reversal. This view is driven by the following factors: (1) The presence of oversold conditions in recent days (the 7 and 14-day RSI printing 12 and 23 respectively on Thursday 18-May). (2) The price extension versus the 50/100-EMA (3) Positive candle structure on Friday and today (long tail and bullish engulfing thus far) (4) The 7-day RSI crossing above the 14-day RSI which increases the chances of a bullish reversal. Time Stop: 21 July 2023
I published my updated view of the monthly chart on 08 May. For access to that note, get in touch today.
Note that this view might be in contrast to the higher time frames (weekly/monthly) which suggest a downward/weak trend . Preferred entry at 1172c or slightly lower. At current levels, the share may be in the early stages of developing a short term base while possibly poised for a short term countertrend bullish reversal. This view is driven by the following factors: (1) The presence of oversold conditions in recent days (the 7 and 14-day RSI printing 12 and 23 respectively on Thursday 18-May). (2) The price extension versus the 50/100-EMA (3) Positive candle structure on Friday and today (long tail and bullish engulfing thus far) (4) The 7-day RSI crossing above the 14-day RSI which increases the chances of a bullish reversal. Time Stop: 21 July 2023
I published my updated view of the monthly chart on 08 May. For access to that note, get in touch today.