September is usually the weakest month of the year in the stock market, so we were
ready and waiting for a pullback to appear.
From September 2nd, we started to see a slow down in momentum as an indecision
candle formed and from there price started to decline.
The 20 and 50 simple moving averages are our expected levels of support, and as we
can see, price is now in the space between these two moving averages.
Since November 2020, both moving averages have acted well as support during the
trend. Although price has moved below the 50 simple moving average at times, it
has consistently resumed the trend and gone on to create new all-time highs.
If support holds again, we need to see a break and close above the all-time high
at $4,545, followed by a move towards $5,000.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
ready and waiting for a pullback to appear.
From September 2nd, we started to see a slow down in momentum as an indecision
candle formed and from there price started to decline.
The 20 and 50 simple moving averages are our expected levels of support, and as we
can see, price is now in the space between these two moving averages.
Since November 2020, both moving averages have acted well as support during the
trend. Although price has moved below the 50 simple moving average at times, it
has consistently resumed the trend and gone on to create new all-time highs.
If support holds again, we need to see a break and close above the all-time high
at $4,545, followed by a move towards $5,000.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
