Outlook Price broke and closed below the cloud in the previous trading session, changing the chart outlook to bearish. Conversion and Base lines had a bearish crossover earlier, hinting at a bearish price trend. Lagging Span is below the price of 26 days ago but is inside the cloud. MACD is bearish with both lines below the zero line. MACD had given a bearish divergence warning of a price high earlier. We think price is likely to move lower to the next support level at $181.84 in the next 2-3 weeks.
Price attempted to break above the cloud but was capped by the Conversion and Base lines, keeping the downtrend intact. In the previous trading session, price broke below the cloud, which could be a hint the corrective rally could have ended. Conversion line and Base line had a bearish crossover and is hinting of a bearish price trend ahead. Lagging Span is above price of 26 days ago but is below the cloud at the moment. MACD is bearish and looks like it will turn lower and away from the zero line. If price is unable to move above the Base line, it could be heading towards the support at $192.
Outlook Price closed below a recent support yesterday. Price had tested the lower edge of the cloud but was unable to move above the cloud. Conversion and Base lines also had a bearish crossover the day before and this could be the start of another possible decline over the coming weeks. When price make a new high at $2035, MACD was showing a divergence, warning of a potential price high. A strong decline validated the MACD divergence. When price tested the lower edge of the cloud, MACD was moving up together with price and similarly to price; MACD was unable to move above the zero line. MACD is now turning lower and a bearish crossover had already occurred.
Outlook Price made a low in late Aug 2019 and had climbed higher to $134. There was a pullback in price to $125.02 following the high. This pullback may have been completed. The pullback was into the cloud but managed to stay above the Base line. This pullback also managed to halt at the Fibonacci 38% of the rally from the low of $111.75 to the high of $134. There is a possibility of price moving lower to Fibonacci 50% at $122.87 to complete the correction process. However, a Thrusting Line candlestick pattern is hinting the correction process is over. If price stays above $125.02, it could be going higher. MACD is still bullish but is still moving lower in the bullish zone.
After 3 days of testing the edge of the cloud, price closed below the cloud last night. This could signal the start of a downtrend. There is a support at a previous low which will need to break for the downtrend to prevail. This support also comes in together with a 6 months uptrend line. If price moves below both lines, it could be a very strong sell signal. Both Conversion and Base lines already had a bearish crossover earlier before price closed below the cloud. MACD line has moved below the zero line and is bearish. MACD line is also moving lower hinting of more price declines ahead.
Price moved out of the cloud 3 days ago and last night, it managed to move higher than the high while inside the cloud. Price has now closed above the cloud for 3 consecutive days. Both Base and Conversion lines had a bullish crossover earlier and price is above both lines and the cloud. MACD is bullish and has been moving higher. There was a MACD divergence warning when price reached the low at 118.74.
Price has moved up from the low into the cloud resistance but volume on the rally has been declining. It is a sign of a weak rally. MACD has also been weak. There is no strong momentum on this current rally. The daily candlesticks are getting smaller with each passing days. This is again a sign of weakness and consolidation. As price approaches the cloud resistance, it could face strong resistances at the $135.10 to $135.60. The latter resistance is the cloud resistance. We believe these 2 strong resistances could force price into a retreat and back to $121.50.
Since the low on 26th of Dec 2018, price has been climbing up the scale. It has come to a previous low resistance point at $25.89. There is another resistance point at $26.60. While price has been climbing higher, volume has been declining lately, suggesting the rally could be coming to an end. MACD has also been bearish. However, price has moved above Kijun line but is still below the cloud. We think the 8-day rally could be near to an end and in need to a correction.
