Price closed below the cloud in the previous trading session, changing the chart outlook to bearish. Conversion and Base lines had a bearish crossover and is hinting at a bearish price trend. Lagging Span is below price of 26 days ago but is inside the cloud. MACD turning bearish, with both lines moving below the zero line, hinting at a bearish price trend. We think price is likely to move lower to the previous price support at $3.66 in the next 2-3 weeks.
Outlook Price broke through the cloud recently and managed to stay above the cloud and yesterday, it reached almost to the top edge of the cloud. Both Conversion and Base lines had a bullish crossover earlier, confirming the bullish trend. Price is also above the Base line. Lagging Span is above price of 26 days ago but is still below the cloud at the moment. There is a strong support with both the Base line and a previous support around the $0.92 price point. If price can stay above this strong support point and above the cloud, price could be heading higher to $1.20 again. MACD is bullish at the moment although we may see a bearish crossover, but this crossover could be a signal of a correction and not a bearish trend.
Outlook Price broke through the cloud recently and managed to stay above the cloud. Conversion line and Base line had a bullish crossover, confirming the bullish trend. Price is also above the Base line. Lagging Span is above price of 26 days ago but is still below the cloud at the moment. The cloud is also bullish as Cloud Span A had a bullish crossover Cloud Span B. MACD is bullish with both its lines above the zero line. We think price if it stays above the cloud, price could be heading higher to $3.66
