Price broke below the cloud in the previous trading session, changing the chart outlook to bearish. The long black candlestick in the previous trading session also highlighted a strong bearish price movement. Conversion and Base lines had a bearish crossover, hinting at a bearish price trend. Lagging Span is below price of 26 days ago but is inside the cloud. MACD has a bearish crossover and is hinting at a bearish price trend. We think price is likely to move lower to $75.10 in the next 2-3 weeks.
Outlook After breaking above the cloud, price rallied to a high of $55.36 on 8 June 2020. Since that high, price has been in a correction, declining to a low of $44.75. However during this price correction, price was able to stay above the cloud, maintaining the bullish trend. Conversion and Base lines had a bullish crossover confirming the bullish trend. Price is currently below both Conversion and Base lines but Conversion and Base lines are about to experience another bullish crossover. This would hint of a bullish trend ahead. Lagging Span is above price of 26 days ago but is currently near the upper edge of the cloud. A move above the cloud by the Lagging Span would strengthen the bullish trend. MACD is bullish. MACD is rising as well, hinting of further price upsides ahead. We think price can move up to test the previous high of $55.36 again.
Outlook After breaking above the cloud on 2 June 2020, price moved to a high of $44.12 four days later. A price correction followed but price was able to stay above the cloud maintaining the bullish trend. After touching the upper edge of the cloud, price has managed to move higher. We think the price correction could be over and price is about to rally again. Price managed to stay above an uptrend line as well, keeping the bullish trend intact. Conversion and Base lines had a bullish crossover, confirming the bullish trend. Lagging Span is above price of 26 days ago and is above the cloud as well. MACD is bullish with both its lines above the zero line. We think price can move higher to test the previous high at $44.12 and later $49.90.
Outlook Price broke below the cloud on 27 Jan 2020 and has been declining since, even when the DJI was making new historic high in Feb 2020. Price declined to a low of $15.51 and has recovered higher to $27.55. The price recovery has been halted by a gap resistance zone. Price is still in a bearish trend and far away from the cloud. Conversion line has a steep gradient as well, hinting of the strong bearish trend. MACD is bearish and could be above to have a bearish crossover, hinting of an end to the consolidation and a resumption of the bearish trend. Over the past 2 days, price has gapped lower, confirming the bearish trend. If price is unable to move above the $24.16, we see price going back to test the low of $15.51 again.
Outlook Price broke below the cloud on 27 Jan 2020 and has been declining since, even when the DJI was making new historic high in Feb 2020. Price declined to a low of $15.51 and has recovered higher to $27.55. The price recovery has been halted by a gap resistance zone. Price is still in a bearish trend and far away from the cloud. Conversion line has a steep gradient as well, hinting of the strong bearish trend. MACD is bearish and could be above to have a bearish crossover, hinting of an end to the consolidation and a resumption of the bearish trend. Over the past 2 days, price has gapped lower, confirming the bearish trend. If price is unable to move above the $24.16, we see price going back to test the low of $15.51 again.
