Today, we've seen an upward break of the downward local trend channel that began around 19th of May, and although the bulls are cheering, we will likely see a repeat of the 13th to 18th June pattern(bounced above the top channel line(green) for a few days, then dipped back down to poke the lower channel support line(also green)).
Indicators
Prediction - We'll see numbers in the 26-27K range in the short to medium term future(1-2weeks)
Indicators
- 1. Overall Volume is low
- 2. RSI is plummeting on the daily
- 3. Challenges to the massive 30K support line are more frequent, and lower each time.
- 4. Previous upward breaks have come through the downward channel (green) shortly after despite short term hopes.
- 5. MACD still showing downward on the Weekly, and Daily
Prediction - We'll see numbers in the 26-27K range in the short to medium term future(1-2weeks)
