XLMUSD Key Resistance|200 MA| Trend Change Probable
Hello Traders
Today’s chart update will be on XLMUSD testing a key Resistance, the 200 MA, where a break will increase the probability of a confirmed trend change.
Points to consider,
- Short term bulls intact
- 200 MA, major resistance
- Structural support respected
- Stochastics in upper regions
- RSI respecting support
- Volume declining
XLMUSD’s chart indicates that the immediate trend is bullish with consecutive higher lows being established. Major resistance level is at the 200 MA average, where a break of it will further confirm the trend change.
Structural support has been respected putting in a clear higher low in the current trend. The stochastics are currently trading in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside.
The RSI is respecting its trend line, a break of it will increase the probability of a rejection from the 200 MA. Volume is clearly declining, signalling a breakout is imminent which will come to fruition with an influx.
Overall, in my opinion, a break above the 200 MA will be a very bullish indication of a confirmed trend change as XLMUSD will put in a macro higher high. But this does need to be backed with strong bull volume.
What are your thoughts?
Please leave a like and comment,
And remember,
“A quiet mind is able to hear intuition over fear.”
― Yvan Byeajee
Today’s chart update will be on XLMUSD testing a key Resistance, the 200 MA, where a break will increase the probability of a confirmed trend change.
Points to consider,
- Short term bulls intact
- 200 MA, major resistance
- Structural support respected
- Stochastics in upper regions
- RSI respecting support
- Volume declining
XLMUSD’s chart indicates that the immediate trend is bullish with consecutive higher lows being established. Major resistance level is at the 200 MA average, where a break of it will further confirm the trend change.
Structural support has been respected putting in a clear higher low in the current trend. The stochastics are currently trading in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside.
The RSI is respecting its trend line, a break of it will increase the probability of a rejection from the 200 MA. Volume is clearly declining, signalling a breakout is imminent which will come to fruition with an influx.
Overall, in my opinion, a break above the 200 MA will be a very bullish indication of a confirmed trend change as XLMUSD will put in a macro higher high. But this does need to be backed with strong bull volume.
What are your thoughts?
Please leave a like and comment,
And remember,
“A quiet mind is able to hear intuition over fear.”
― Yvan Byeajee