Here is my update of the KRE chart.
I think we are heading back to the 32,67$ area and if we won't break the uptrend channel, from that point we will go up and will retest 37 and possibly 40 at the top of this daily support channel.
As you can see, we are still in the uptrend on the D chart. The RSI is on 46%, there is no volume fading, and the indicator shows almost exactly the same level in the last 3 days. Today We peaked the profit 1 level, and then the bulls weren't strong enough so we went back.
Let's dive into the 4HR and 1HR time-frames to see that where we are heading now and find some answers to our questions.
4hr:
Trend direction:
We are still in the Daily chart's uptrend channel.
Candles:
After a tremendous bullish engulfing, we have a hanging man candle formed, and the after-hours candle opened lower than the previous candle's close price.
Momentum indicators:
RSI turned back from 54,56% ( which is a strong resistance level)
Volume shows me less volume in the last candle.
SMA: Big distance between 10SMA and 20SMA
EMA: We are under the 50EMA
An interesting fact is that 50MA was 2 times is a support line for the price that means 32,67$ is a strong support before the major support 31$.
1hr:
We have a kind of bullish harami, which turned back from the 50MA support level, accidentally the 20SMA was at the same level.
I think we are heading back to the 32,67$ area and if we won't break the uptrend channel, from that point we will go up and will retest 37 and possibly 40 at the top of this daily support channel.
As you can see, we are still in the uptrend on the D chart. The RSI is on 46%, there is no volume fading, and the indicator shows almost exactly the same level in the last 3 days. Today We peaked the profit 1 level, and then the bulls weren't strong enough so we went back.
Let's dive into the 4HR and 1HR time-frames to see that where we are heading now and find some answers to our questions.
4hr:
Trend direction:
We are still in the Daily chart's uptrend channel.
Candles:
After a tremendous bullish engulfing, we have a hanging man candle formed, and the after-hours candle opened lower than the previous candle's close price.
Momentum indicators:
RSI turned back from 54,56% ( which is a strong resistance level)
Volume shows me less volume in the last candle.
SMA: Big distance between 10SMA and 20SMA
EMA: We are under the 50EMA
An interesting fact is that 50MA was 2 times is a support line for the price that means 32,67$ is a strong support before the major support 31$.
1hr:
We have a kind of bullish harami, which turned back from the 50MA support level, accidentally the 20SMA was at the same level.