Outlook Price broke above the cloud and reached a high on 8 June 2020 at $43.45. Since that high, price has been hovering around the cloud. On 1 September 2020, price broke below the cloud and for the past 4 days, has been trading below the cloud. Conversion and Base lines had a bearish crossover earlier confirming the bearish trend. Lagging Span is below price of 26 days ago but is inside the cloud, giving us only a weak sell trend. MACD is bearish with both of its lines below the zero line as well. If price continues to stay below the cloud, price could be heading down to the strong support line at $27.37.
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.
