Price broke above the cloud three days ago and for the past 3 days price had closed above the cloud, which is a hint of a bullish price trend. Conversion line and Base line remained in a bullish crossover, hinting at a bullish price trend. Lagging Span is above price of 26 days ago but is inside the cloud. MACD is bullish and is hinting at a bullish price trend. As long as price stays above the cloud, price is likely to test the previous price high at $2.96, in the next 2-3 weeks.
Outlook Price broke above the cloud yesterday and closed above the cloud as well. It also closed above a recent high at $0.605. An Ichimoku reversal was formed with price closing above this recent high. The price target for this Ichimoku reversal is at $0.665, which is just above the high of $0.660. Conversion and Base lines had a bullish crossover below the cloud. Lagging Span is above price of 26 periods ago and above the cloud as well, hinting of a bullish trend. MACD is bullish with both its lines above the zero line but both its lines are close to the zero line.
Outlook Price is in a downtrend as price is below the cloud and both Conversion and Base lines are moving lower after a bearish crossover earlier. Lagging Span is also below price of 26 periods ago and below the cloud as well, hinting of a bearish trend. However on 4 Mar 2020. Price has a classic Hammer candlestick price pattern. This is a strong bullish reversal signal from price. While the trend is down, we think the Hammer candlestick is a sign of a bottom in place and a reversal in trend going forward.
Outlook Price is below the cloud and below both the Conversion and Base lines at the moment. This is a sign of a bearish trend. Both Conversion and Base lines are also capping price rally as resistances. Price will have to move above Conversion, Base and cloud to be bullish again. These three resistances are likely to cap price advance for another test of the low at $3.90. Lagging Span is below price of 26 periods ago but inside the cloud at the moment. MACD is bearish and is likely to have a bearish crossover and both its lines are also pointing and moving lower.
Outlook Price’s decline was halted at the upper edge of the cloud for the past 2 days. Yesterday price formed a Piercing Line candlestick pattern, which is a sign of a possible price continuation higher over the next few days. Both Conversion and Base lines are close together but there is no bearish crossover as yet. Both Conversion and Base lines are still bullish and Lagging Span is also bullish. Lagging Span is above price of 26 periods ago and also above the cloud, which is a strong bullish trend confirmation. Price is also above 4-month uptrend line. MACD is still bullish with both its lines above the zero line. MACD has a bearish crossover but with both its lines above the zero line, this could be a sign of a corrective decline. As long as price is above the cloud and the trend line, we remain bullish for $3.16.
