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.
Outlook Price broke above its recent high of 12 August 2020 and reached a high of $52.96 on 28 August 2020. Price is also above the cloud, which is a bullish sign. Conversion line and Base line had a bullish crossover and is also hinting of a bullish trend. Lagging Span is above price of 26 days ago and above the cloud as well, confirming the bullish trend. MACD is bullish and rising at the moment. The V-shaped price projection lies at $56.40, which is above its recent high of $56.02. The “E” price projection is at $60.34.
Outlook Price tested the high of $50 for three times and on the third occasion, it managed to break above but was unable to sustain above the resistance. Following the third test, price declined for three consecutive days and is now near to the edge of the cloud. We think price is likely to continue downward over the next couple of weeks. While Conversion, Base and Lagging Span have yet to give a sell signal, the price movement looks like a consolidation is about to end. MACD is about to experience a bearish crossover just above the zero line, signaling a bearish trend ahead as well.
Outlook Price declined below the cloud last night and this could be the start of another decline to come. Conversion line crossed over the Base line to the downside last night as well. This bearish crossover is a sign of more downside to come. Lagging Span confirms the bearish trend as it is below price of 26 days ago as well as below the cloud. MACD is also showing a bearish trend. The fast line has crossed over the slow line, forming a bearish crossover around the zero line. We think price is likely to decline to $9.00 in the next few weeks.
