Taking a look at XEM on the daily chart and we may be seeing a classic bollinger breakout opportunity though may be a little early to tell but there are some good signals coming off the chart and on smaller time frames:
Bullish Signals:
The bollinger bands have squeezed and are starting to part which means volatility is coming back and we have a bullish candle starting.
10 period moving average has crossed over the 20 period
RSI is over 50 and trending up
Stoch line is trending up
This pattern repeats on smaller time framed.
Bearish Signals:
Stoch blue line is parting from the red, could show the trend starting to reverse.
We are at the top of the current bollinger band showing resisitance
We are seeing resistance at the 50 period moving average on the daily.
Overall i believe we will continue on a bullish trend here and may have a band riding scenario. May see a short retracement since where at the top band, bounce off the 10 period (red) moving average an continue forward. IF this is a classic bollinger bullish breakout and volume spikes up, possible gains.
I think im going to take a position here look to buy in.
Bullish Signals:
The bollinger bands have squeezed and are starting to part which means volatility is coming back and we have a bullish candle starting.
10 period moving average has crossed over the 20 period
RSI is over 50 and trending up
Stoch line is trending up
This pattern repeats on smaller time framed.
Bearish Signals:
Stoch blue line is parting from the red, could show the trend starting to reverse.
We are at the top of the current bollinger band showing resisitance
We are seeing resistance at the 50 period moving average on the daily.
Overall i believe we will continue on a bullish trend here and may have a band riding scenario. May see a short retracement since where at the top band, bounce off the 10 period (red) moving average an continue forward. IF this is a classic bollinger bullish breakout and volume spikes up, possible gains.
I think im going to take a position here look to buy in.