β Yesterday TOTAL closed above EMA50; support holds.
β Today, TOTAL broke below EMA50 on high volume; support breaks.
Chart signals
β EMA50 is a medium-term moving average, which for us means a time duration between 1-3 months.
β Breaking below EMA50 opens up the possibility for the TOTAL index to drop medium-term, i.e. 1-3 months.
β A positive signal is the fact that TOTAL is still trading above its 20-March low but this is likely only temporary. Related pairs and markets went on to produce lower lows and some are trading all the way down already; what one does, the rest tends to do the same.
β The RSI is already way below 50, almost reaching 40.
(Weak RSI confirmed.)
π I guess we will be looking at new bullish action within 4-6 months and new highs late 2024 or early to mid-2025.
What's your take?
You can find the targets (support) on the chart.
Namaste.
β Today, TOTAL broke below EMA50 on high volume; support breaks.
Chart signals
β EMA50 is a medium-term moving average, which for us means a time duration between 1-3 months.
β Breaking below EMA50 opens up the possibility for the TOTAL index to drop medium-term, i.e. 1-3 months.
β A positive signal is the fact that TOTAL is still trading above its 20-March low but this is likely only temporary. Related pairs and markets went on to produce lower lows and some are trading all the way down already; what one does, the rest tends to do the same.
β The RSI is already way below 50, almost reaching 40.
(Weak RSI confirmed.)
π I guess we will be looking at new bullish action within 4-6 months and new highs late 2024 or early to mid-2025.
What's your take?
You can find the targets (support) on the chart.
Namaste.
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t.me/alansantana1111
π¨ Free PREMIUM Trade-Numbers
alansantanatrades.com
β If you now enjoy the content, please consider support below...
π lamatrades.com (Since 2017)