Outlook Price broke above the cloud on 1 July 2021 and the next day, price advance higher and with a gap as well. The gap up is a sign of a strong bullish price trend. Price also broke above an Ichimoku V-shaped structure with a V price projection target at $119.90. Conversion and Base lines had a bullish crossover earlier, hinting of a bullish price trend. Lagging Span is above price of 26 days ago and above the cloud, confirming the bullish trend. MACD has bullish crossover and both lines are moving higher from the zero line. We think price is likely to move higher to the Ichimoku V shaped price projection at $119.90 in the next 2-3 weeks.
Outlook A price correction was supported by the lower edge of the cloud and price had broken above the upper edge the cloud on 4 February 2021. Last Friday, price broke above an Ichimoku V-shaped structure, which increases the strength of the bullish trend. The Ichimoku V-shaped breakout has a price projection target at $115.78. There was also a bullish gap up last Friday on the breakout, which also increases the bullishness of the trend. Conversion line and Base lines are about to have a bullish crossover. MACD is about to crossover the zero line moving into the bullish zone. MACD is also about to have a bullish crossover, hinting of a bullish price trend ahead.
Outlook Price closed below the cloud overnight after holding inside the cloud for 2 weeks. An attempt to move above the cloud as well as closed a small gap failed before price dropped below the cloud. Inability to close that gap could be a sign of a bearish trend. Price also broke a 3-month uptrend line, negating the bullish trend before the break down. Conversion and Base lines had a bearish crossover earlier, confirming the bearish trend in progress. Lagging Span is also below price of 26 periods ago but is still above the cloud. MACD is bearish with both its lines below the zero line. MACD is continuing to move lower as well. A move below recent low at US$21.20 would accelerate the down trend and starts a move to US18.79 price support
Outlook Price tested the cloud and broke below the cloud for 2 days before rebounding back above the cloud. Another decline brought price to test the cloud again but price managed to hold above the cloud on this occasion. Price closed yesterday just above the cloud. Base and Conversion lines have not yet had a bullish crossover at the moment but Lagging Span has moved above the cloud although it is still below price of 26 periods ago. We view this as due to the early stage of the bull cycle where the lagging indicators have yet to turn around. Both MACD lines may be below the zero lines at the moment but MACD lines are turning around, hinting of a possible turnaround in the trend. If price can stay above US85, the next movement could be to test the gap resistance at US90.60. Above this resistance, price is likely to test the previous high at US$94.13.
