Price tried to break above the cloud in the previous trading session but was capped by the upper edge of the cloud. Conversion line and Base line had a bullish crossover in the previous trading session and this could be a hint that price could be about to cross over the cloud soon. Lagging Span is below price of 26 days ago and is inside the cloud at the moment. MACD has a bullish crossover and is hinting of a bullish price trend. MACD had a divergence warning as well, hinting of a possible price low at $62.80. If price is able to move above the cloud, it could be heading towards the next price resistance at $73.85.
Outlook Price tested the high around $9.60 twice and both times, price was capped and turned lower. This high at $9.59 was also the 50% correction point of the decline from $10.56 to the low of $8.70. The $9.59 high was also the lower edge of the cloud. This cloud section is getting thicker, hinting that if price could not crossover at this section, it will have a harder time trying to cross over when the cloud get thicker. A Shooting Star candlestick reversal pattern hinting that price may have hit the high at $9.59. Currently MACD is bearish. The faster line of the MACD indicator is turning down from near the zero line while the signal line is still bearish.
Outlook Price closed above the cloud yesterday, which could be the start of a new bullish trend. The crossing over the cloud was also at the cloud thinnest section. Conversion and Base lines both had a bullish crossover, confirming the bullish trend. Conversion line is rising steeply, which is a good sign while Base line is turning up. Price also managed to close a gap that was created on 2 Aug 2019. As long as price stays above this gap, the uptrend is likely to continue. The decline to $53.44 was supported at the Fibonacci 50% correction point of the 2019 rally from $47.73 to the high at $59.53. The correction could be over and a new uptrend to test the high could have started not too long ago. MACD is rising but while the faster line is above the zero line, the slower line is still below the zero line.