Outlook Price broke above the cloud on 20 November 2020 to reach a high of $1.30 just 2 days later. Since that high, price has stayed above the cloud during the correction. Price has also managed to stay above the Base line at $1.14. 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 at the moment. MACD remains bullish. We think the correction could be coming to an end and the rally is likely to resume for a test of the high at $1.30. On a longer term basis, we think price can reach $1.38.
Outlook After reaching a high of $1.30 on 23 November, price has declined to a low of $1.16. Price has stayed above the cloud during the decline, keeping the uptrend intact. Base line is currently providing support at $1.14 . Conversion line and Base line had a bullish crossover earlier, hinting of the bullish trend. Lagging Span is above price of 26 periods ago and also above the cloud, confirming the bullish price trend. MACD remains bullish and is high above the zero line, hinting of a strong price trend. We are looking at a test of $1.38 over the next 2 weeks.
Outlook Price started a rally in early 2019 that continued till end of Oct. Price reached a high of $1.42. Yesterday, price breached the 10-month trend channel and closed just below the trend channel. Price closed below the cloud as well. We think the uptrend may be over and a correction is about to start. Conversion line had crossed below the Base line forming a bearish crossover and Lagging Span is now below price of 26 periods ago, although Lagging Span is still above the cloud. MACD has turned bearish with both its lines below the zero line. A correction should bring price to the Fibonacci 50% correction point of the 10-month rally which comes in at $1.23. There is also a price low support at $1.24. We think price will likely to decline to this level.
Outlook Price started an uptrend from 2 Sep at $1.91 and climbed to a high of $2.34 on 12 Nov. Price is currently declining but MACD is still bullish with both its lines above the zero line. We think this decline could be a correction. Price is also above the cloud and is currently sitting on the Base line. This Base line support may not hold but we think support at $2.14 should be able to halt this price decline and end the correction. The Fibonacci 50% correction point of the 2-month rally comes in at $2.135. If price is able to hold above $$2.13, price may test the high of $2.34 again.