This is a very simple analysis based off the 20 weekly moving average. I do understand that usually people use the 21 MA or EMA, but I saw that the most confluence lies with the 140 daily moving average or the 20 weekly moving average.
What I noticed is that we could close a candle above or below it, but the next candle is what makes the difference.
Several times you can see we do close above, but the next candle brings us right down, but if we open & close a candle above or below this usually leads to many weeks of price going in the same direction.
Few hours ago we closed a weekly candle which fully lies above the 20 WMA, on top of that if you look on a daily chart (look at linked related ideas) you can see how much significance the 140 daily moving average has and you can see that we broke it with volume, then we came back and confirmed it as support and then we bounced from it nicely. This can be considered a power move and we have good reasons to expect a nice run up.
If we close a weekly candle above 9500 - this would be an even more strong sign of macro trend reversal.
If we close a daily candle above 10500 - it would be an even stronger confirmation of a trend reversal and beginning of a bull market.
What I noticed is that we could close a candle above or below it, but the next candle is what makes the difference.
Several times you can see we do close above, but the next candle brings us right down, but if we open & close a candle above or below this usually leads to many weeks of price going in the same direction.
Few hours ago we closed a weekly candle which fully lies above the 20 WMA, on top of that if you look on a daily chart (look at linked related ideas) you can see how much significance the 140 daily moving average has and you can see that we broke it with volume, then we came back and confirmed it as support and then we bounced from it nicely. This can be considered a power move and we have good reasons to expect a nice run up.
If we close a weekly candle above 9500 - this would be an even more strong sign of macro trend reversal.
If we close a daily candle above 10500 - it would be an even stronger confirmation of a trend reversal and beginning of a bull market.
