Since price broke above the cloud near the end of March 2021, it had stayed above the cloud. However, in the previous trading session, price broke and closed below the cloud, changing the trend from bullish to bearish. Conversion and Base lines had had a bearish crossover, hinting of a bearish price trend. Lagging Span is below price of 26 days ago but is above the cloud. MACD remains bullish but both of its lines are moving towards the zero line after a bearish crossover. We think price is likely to move lower to the next price support at $815 in the next 2-3 weeks.
Price had a correction which managed to stay above the cloud keeping the uptrend intact. Price also managed to hold above the previous low support inside the cloud. In the previous trading session, there was a bullish Engulfing pattern, hinting of a bullish price trend. Conversion line and Base line are close together but could go either way. Lagging Span is below price of 26 days ago but is above the cloud at the moment. MACD is bullish with both its lines above the zero line. If price is able to move above both Conversion and Base lines, it could be heading towards the previous high at $922.00.
Outlook Price moved above the cloud last Friday and managed to close near to the day’s high, which is a strong bullish sign. Price also broke above a recent high resistance forming a V-shaped breakout which could be a sign the 2-month correction could have ended. Conversion line and Base line had a bullish crossover and is hinting of a bullish price trend ahead. Lagging Span is above price of 26 days ago and above the cloud, confirming the bullish price trend. MACD is bullish with both its lines moving away from the zero line and higher, hinting of a bullish price trend ahead. We see price moving past its high of $783.25 to the V-shaped price projection target of $812.
Price touched a previous high but was unable to break above that previous high resistance. Instead price has dropped lower to the Conversion line support. Price is below the cloud and Base line is still trending lower, indicating the bearish trend may not be over as yet. MACD, when price was moving higher was weak and failed to reach a momentum peak experienced by a previous rally. If price is unable to move above the previous higher resistance at $125, it is likely to test the support at $101.50 again. A break of support at $101.50 will likely lead price lower to the next support level at $90.
Price broke above the cloud on Thursday and on Friday, price continued to move higher. Price closed above the cloud, confirming a bullish trend in place and both Conversion and Base lines had a bullish crossover. Base line is also turning higher. Volume on the two breakout days were both higher. In fact, volume on the second day of the breakout was higher than normal. MACD is bullish and is moving higher, confirming the bullish price movement. If price stays above the cloud, price should be moving towards the previous high at $487.
