Price broke and closed above the cloud in the previous trading session, changing the chart outlook to bullish. Conversion line and Base line had a bullish crossover and is hinting at a bullish price trend ahead. Lagging Span is above price of 26 days ago but is below the cloud at the moment. MACD is bullish with both its lines above the zero line. If price can stay above the cloud, it could be heading towards the next price resistance at $34.97 in the next 2-3 weeks.
Outlook Price gapped below and closed below the cloud on 29 May and this could signal the start of a new bearish trend. Conversion and Base lines had already had a bearish crossover earlier, hinting of a bearish price trend ahead. Lagging Span is below price of 26 days ago but is above the cloud. MACD is bearish with both lines below the zero line. Both of MACD’s lines are moving lower, hinting of a continuation of a bearish trend. We think price is likely to move lower to a previous price support at $25.88 in the next 2-3 weeks as long as the gap created on Friday is not closed.
Outlook Since the low in June 2019, price has been climbing in an uptrend, reaching a high of $202 in Feb 2020. Last week, price tested the cloud but the decline was halted at the lower edge of the cloud. A price recovery continued but yesterday, price broke below the cloud. This could be the start of a price correction that could bring price lower to $171. Both Conversion and Base lines had a bearish crossover last week, confirming the bearish trend. Lagging Span is below price of 26 days ago but is neutral at the moment as it is inside the cloud. MACD had a momentum peak earlier at the high and the MACD’s histogram has turned bearish. Both lines of the MACD’s indicator are pointing lower. The faster line is already below the zero line while the slower line could be about to move below the zero line.
Outlook Price has been climbing from its low in Oct 2019 and reached a high of $23.93 on 25th Feb 2020. Yesterday, price moved below the cloud and this could be the start of a new bearish trend. Both Conversion and Base lines had a bearish crossover last week, confirming the bearish trend. Lagging Span is below price of 26 days ago but is neutral at the moment as it is inside the cloud. MACD has been giving bearish divergence warnings when price was making new highs. MACD’s histogram has turned bearish. Both lines of the MACD’s indicator are pointing lower. The faster line is already below the zero line while the slower line could be about to move below the zero line.
