Price broke and closed above the cloud in the previous trading session, changing the chart outlook to bullish. Conversion and Base lines had a bullish crossover, hinting at a bullish price trend. Lagging Span is above price of 26 days ago but is inside the cloud. MACD is bullish with both lines above the zero line. We think price is likely to move higher to the previous price high at $153.62 in the next 2-3 weeks.
After reaching a high of $165.35, price went into a correction. The price correction was supported by the cloud and remains above the cloud, keeping the uptrend intact. The cloud is thick which is a hint that the price support is likely to be strong. This strong price support is likely to keep price above the cloud and the uptrend intact. Lagging Span is above price of 26 days ago and above the cloud, confirming the bullish price trend. MACD remains bullish and is turning up again, hinting at a possible bullish price trend ahead. We think price could be heading towards the previous high at $165.35 again in the next 1-2 week.
Price gapped below the cloud on Friday night and closed that day below the cloud as well. Both Conversion and Base lines had a bearish crossover earlier, hinting of a bearish trend before price actually broke below the cloud. MACD has turned bearish and is moving lower, hinting of more price decline ahead. A bearish Flag chart pattern is also hinting of further price decline with a price target at $100.20. Fibonacci 200% price target is at $100.05 while a previous price support lies at $98.20. We think price is likely to move to either $100.20 or $98.20.
Price broke a 7-month rising trend line and this is a hint of a bearish trend coming. Price is in the cloud and could break below the cloud soon as Conversion and Base lines had a bearish crossover on Friday. MACD had earlier given a bearish divergence warning. Price could be heading lower to the next support at $96.96 with $93.10 being the most likely destination.
