Outlook After moving below the cloud on 29 July, price has spent the past three weeks below the cloud, capped by the lower edge of the cloud as well as the Base line. Conversion line and Base line had a bearish crossover confirming the bearish trend. Both Conversion and Base lines are converging together and we could see another bearish crossover. Lagging Span is below price of 26 periods ago but is inside the cloud. MACD is bearish but is close to the zero line. Price is likely to test the previous low of $1.28 in the next couple of weeks.
Outlook Price broke above the cloud on 24 April 2020 and has stayed above the cloud since the breakout. Price rose to a high of $0.815 on 10 June. Since that high, a price correction brought price down to $0.735. After that low, price has moved sideways, reaching a high of $0.795 yesterday. Price is currently near to the upper edge of the cloud, maintaining the bullish trend and the cloud is getting thicker over the next 1-2 week. This is a sign of a strong support and we think price is unlikely to move below the cloud given the thick cloud. Conversion and Base lines had a bullish crossover yesterday, confirming the bullish trend. Lagging Span is above price of 26 days ago and is above the cloud at the moment, confirming the bullish trend. MACD is bullish and its fast line could be turning around the zero line, hinting that the price correction could be about to end. Both of MACD lines are above the zero line as well. We expect price to move higher to test the previous high at $0.815 and later to break above this resistance.
Outlook Price broke above the cloud on the 28 May and reached a high of $1.650 on 3 June 2020. Since this high, price has been declining and twice, during the price correction, price was supported at $1.410, forming a possible double bottom at that price. These bottoms are also above the cloud, keeping the bullish trend intact. Price could also be supported at the edge of the cloud as well. Conversion line and Base line are both above the cloud but both lines had a bearish crossover recently. This shows that the price correction is still ongoing and both Base and Conversion lines are likely to provide resistance, which price will need to overcome, if it is to move higher. MACD is bullish and consolidating above the zero line and its fast line could be about to turn up from the zero line, hinting of a price rally ahead. MACD could also see a bullish crossover as well if price can move higher in the next couple of days. We think price can move higher to test the previous high of $1.63.
