I anticipate EC doing a move down. Reasoning:
- unable to break through weekly resistance, with nice wicks on daily (nothing spectacular though)
- RSI divergence on H4 and D
- within a daily upwards channel, which looks like a bear flag on weekly, struggling at the control price which aligns with the weekly resistance
- weekly trend is clearly down, trading with...
I see CJ possibly heading down towards the next support, because of:
- price testing a recent support a second time, lower high formed, buyers might be running out of steam
- clear LL / LH on H4
- RSI divergence on H1
- in-line with the weekly downtrend but the daily downtrend was broken - i.e.there is a good chance we will mid-term move up to test the weekly...
Anticipating a bounce in EG because of:
- weekly trendline respected
- strong zone from March 2019 lows
- RSI divergence on daily, RSI fairly low
Still unpredictable because of Brexit i.e. trading small position size. TP2 could be set at 0.91
CJ is at an interesting point:
- potentially bouncing off the resistance area, waiting for more sings of weakness to take a quick SHORT back down to the recently broken daily trend-line, which would also be roughly 0.5 fib retracement from the last impulse
- after that, LONG up to the .382 fib extension, which happens to be aligning nicely around both a daily and...
We've above the weekly resistance, if this one holds I see potential for movement up to 0.75. This is on top enforced by the incoming recession in the US. First hurdle is the down-channel. The catalyst for the movement to the upside might be the Fed interest rate cut (e.g. 50bp instead of 25bp).
On the technical side there is a nice RSI divergence in both weekly...
EJ is currently at a very interesting point:
- lower boundary of a weekly pennant/triangle could indicate a short term push up
- at the same point we are crossing the control price of the bearish value channel if we close below it there is good downwards potential
- 200 MA is pushing it further down
Short term I'm anticipating a bounce to the upper value channel...
Next ideal entry after retracement to 0.91 if you didn't get on the downtrend early. Reasoning:
- bounced off at the top of the long term downtrend line
- after a short & quick movement down, some retracement can be expected, ideally to the resistance areas around 0.91 and 0.5 fib retracement
- first target around the 0.87 resistance
Why do I think it's not over yet:
- Bullish runs are normal in a bearish market (and we're definitely in one). The run was largely based on good news from the US - I don't think this will last.
- Below the 0.236 retracement there is strong resistance (below 10820 points) from mid-2016. The DAX will likely bounce off it and people will take some profits next...
- a good rally but it is coming to an end with strong resistance around 1,37
- bounced off the resistance area several times already
- bulls are getting tired (volume is falling with each attempt)
- forming now a triple top
- divergence on RSI and MACD
Might shoot up to 1,37 still but I think latest around 1,374 the party will be over and we will...