A close inside the cloud (through resistance) is a very bullish indicator. A close above the $51 neckline in the cloud would give me further confidence that price would propel to $60 w/a pit stop around $54. ~$67 would be the ultimate bull target based on the flat kumo.
Cloud taken together with MACD , RSI , and stoch , Technicals collectively is mixed. MACD suggests strong bullish momentum after breaking resistance on histogram. RSI has more room for up, but if pullback does occur, expect bounce on trendline. Stoch has been high since March which would suggest to me that a pullback is imminent, although admittedly, I don't know enough about stoch to be confident in that analysis. in 2015, stoch trended basically maxed out until July. We may see the same again here.
Fundamentals of supply glut should bring this back down. As price increases, producers are incentivized to increase production, which would again shift the supply/demand curve. This increase could be due to summer in the Northern Hemisphere increasing demand, but that is unlikely to be the only reason for this rally.
Overall, this suggests bullish continuation should price close in the cloud and above $51. However, price has bounced almost 100% since lows in February.
Cloud taken together with MACD , RSI , and stoch , Technicals collectively is mixed. MACD suggests strong bullish momentum after breaking resistance on histogram. RSI has more room for up, but if pullback does occur, expect bounce on trendline. Stoch has been high since March which would suggest to me that a pullback is imminent, although admittedly, I don't know enough about stoch to be confident in that analysis. in 2015, stoch trended basically maxed out until July. We may see the same again here.
Fundamentals of supply glut should bring this back down. As price increases, producers are incentivized to increase production, which would again shift the supply/demand curve. This increase could be due to summer in the Northern Hemisphere increasing demand, but that is unlikely to be the only reason for this rally.
Overall, this suggests bullish continuation should price close in the cloud and above $51. However, price has bounced almost 100% since lows in February.
Comment:
getting close to neckline again
a daily close above neckline would definitely suggest higher highs to ~60
getting close to neckline again
a daily close above neckline would definitely suggest higher highs to ~60
go check out lowstrife's analysis, it's boss