The forecast for April Week 2, of 2022 is BEAR
A quick look at the month. March was all Bear, decent linear increasing volume month on month. Confirms Bear momentum. The next support price is around 1.27
Moving onto the weeks. This week was a spinning top, with declining volume from the previous weeks. However, the trend has formed and has momentum. The OBV also trending down, but not steep meaning this Bear will likely finish with a steep rally before any reversal is put forward.
Let's jump into the days. Well the week opened lower on Monday but it did finish a Bull candle, however, it didn't mean anything because Tuesday produced a decent Bear candle with a bugger off tail telling the Bulls to stay away. Wednesday and Thursday did the tug-of-war game and Friday threw out a candle that showed the Bulls are going to give this support line a little run for its money. So the days would need to punch through the last low. Let us see, the Bears have a good support base to achieve lower prices, so going the path of least resistance I say Bear this next week.
A quick look at the month. March was all Bear, decent linear increasing volume month on month. Confirms Bear momentum. The next support price is around 1.27
Moving onto the weeks. This week was a spinning top, with declining volume from the previous weeks. However, the trend has formed and has momentum. The OBV also trending down, but not steep meaning this Bear will likely finish with a steep rally before any reversal is put forward.
Let's jump into the days. Well the week opened lower on Monday but it did finish a Bull candle, however, it didn't mean anything because Tuesday produced a decent Bear candle with a bugger off tail telling the Bulls to stay away. Wednesday and Thursday did the tug-of-war game and Friday threw out a candle that showed the Bulls are going to give this support line a little run for its money. So the days would need to punch through the last low. Let us see, the Bears have a good support base to achieve lower prices, so going the path of least resistance I say Bear this next week.
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Not quite right, if you left it till the end of the week.