CURA Structural Support| Resistance Confluence| Declining Volume

Evening Traders,

Today’s Technical Analysis – CURA – holding a key support with the current volume clearly declining, a move will be imminent with a subsequent influx.

Points to consider,
- Macro trend bearish
- Resistance confluence
- Structural support being tested
- RSI above 50
- Stochastics projected down
- Declining volume

CURA’s overall trend is bearish with consecutive lower highs, currently recovering from oversold conditions that needs momentum follow through.

There is resistance confluence with the .50 Fibonacci and the 100 EMA; price needs to trade above it to establish a higher high for the local trend to remain true.

Structural support is being tested; current candle closes have been bearish, indicating weakness in the bulls.

The RSI is trading above 50, likely to break if current support does not hold. The stochastics on the other hand is at a key level, if the higher low projection does not hold, the sell cross will increase momentum to the downside.

Volume is declining; technically this leads to an influx at key trade locations.

Overall, in my opinion, CURA needs to hold structural support for a probable higher low. With the declining volume at support, this is an indication of an impulsive move. If support breaks then the macro trend is still intact.

What are your thoughts?

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And remember,

“Ultimately, consistent profitability comes down to choosing between the discomforts you feel when you follow your plan and the urge to let yourself be captures ( and ruled) by your emotions.” ― Yvan Byeajee