Price broke below the cloud two trading sessions ago and that has changed the chart outlook from bullish to bearish. Conversion and Base lines had a bearish crossover, hinting of a bearish price trend. Lagging Span is below price of 26 days ago and below the cloud, confirming the bearish price trend. MACD is bullish but is turning down after a bearish crossover. MACD is moving lower and hinting of a bearish price trend. We think price is likely to decline to the previous low at $35.48 in the next 2-3 weeks.
Outlook Price has been in consolidation for the past 7 weeks and we think the consolidation is close to its end. Price is near to the upper edge of the cloud which is likely to provide support. Conversion is about to crossover over the Base line from below while Lagging Span is still above the cloud, both are hinting of an uptrend ahead. MACD is bullish with both its lines above the zero line.
Price has declined for 3 consecutive days with the past 2 days below the cloud, triggering a bearish trend. Price had a false break above the cloud but that was quickly followed by a reversal and multiple days of price declines. A move below the Base line will accelerate the price decline with MACD about to cross below the zero line, triggering a bearish trend. If price failed to move above the cloud resistance, it is likely to head towards its first support at $46.00 and then to be the Fibonacci 127% target at $43.78
Price broke above the cloud last night with a strong green candle. Price also broke above a recent consolidation high at $62.90 and managed to close at the consolidation high. Price is now above the Conversion and Base lines. Both lines had a bullish crossover earlier. There was also a gap created which is a hint of a strong upward momentum. MACD is bullish and is moving higher, hinting of further price upside. If price can stay above the cloud, it should be moving towards the gap resistance at $67.10, given the strong MACD momentum.
Price broke above its recent high at $188.25 on Friday night. This averted a possible Double Top chart pattern. Price is above the cloud and above both Conversion and Base lines, hinting of a bullish uptrend. Breaking above the high with MACD bullish and rising, the next target would be the gap resistance zone from $197.84 to $200.38. First support is at Conversion line point of $183.03 and the second support lies Base line point of $180.30. If $180.30 holds, price is likely to push towards $197.84. MACD had a recent bullish crossover between its MACD line and Signal line, hinting of an uptrend.
Price managed to stay above the cloud when it went to a consolidation after a strong rally from late Dec 2018. Price gapped above the resistance to move higher and it has moved above the previous high. MACD is strong and high above its zero line, hinting of a strong bullish trend. Both Conversion and Base lines are moving higher after a bullish crossover earlier in the month. We think the strong trend should be above to move price higher to the strong resistance point at $70.08.
