Price reached a high of $118.18 on 9 February 2023 and went into a correction. The decline was halted by the cloud, keeping the uptrend intact. Price broke above the cloud in the previous trading session, hinting at a resumption of bullish price trend. Lagging Span is below price of 26 days ago but is above the cloud. MACD is bearish at the moment but could be about to turn bullish soon. If price can stay above the cloud, it could be heading towards the previous high at $118.20.
Price tried to move above the cloud in the previous few trading session but was unsuccessful and in the in last Friday’s trading session, price declined and closed below the cloud. Conversion line and Base line had a bearish crossover and is hinting at a bearish price trend ahead. Lagging Span is above price of 26 days ago but is below the cloud at the moment. MACD is bearish and is hinting at a bearish price trend. If price is unable to move above the cloud, it could be heading towards the support at $129.04 in the next 2-3 weeks.
Outlook Price broke below the cloud 3 days ago and price had stayed below the cloud for the past 3 days. Yesterday, there was a small bearish Engulfing pattern which is a sign that price could be heading lower again. Base and Conversion lines already had a bearish crossover, confirming the bearish trend. Lagging Span is below price of 26 days ago as well as below the cloud, confirming the bearish trend in progress. MACD is bearish as well with both its lines below the zero line. Both of MACD’s lines are moving lower and its gradient is steep, which is a hint of a strong bearish trend. We think price is likely to move lower to test the low at $30.66.
Outlook Price moved below the cloud a few days ago and yesterday, there was a bearish Engulfing pattern. This could be a sign of further price decline ahead. Both Base and Conversion lines had a bearish crossover, confirming the bearish trend. Lagging Span is below price of 26 days ago as well as below the cloud, confirming the bearish trend in progress. MACD is bearish as well with both its lines below the zero line. Both of MACD’s lines are moving lower and its gradient is steep, which is a hint of a strong bearish trend. We think price could be moving lower to its support base at $128.77.
Outlook Price declined to a low of $131.02, which was a strong support level, and has recovered to the lower edge of the cloud. Price is currently capped by the lower edge of the cloud. As price is below the cloud, we think this current rally could be a corrective rally. MACD is bearish with both its lines below the zero line. MACD confirms the corrective price rally. The price rally is capped by the Fibonacci 50% to 62% correction zone of the decline from a high of $147 to the low of $131. As long as price stays below the cloud, we think it is likely to move lower to $126.14. A move above $143.80, which is just above the upper cloud edge, would negate our bearish view.
Outlook Price has been on an uptrend, climbing higher and higher since starting that uptrend movement back in late Dec 2018. Since breaking above the cloud, price has been climbing and had stayed above the above the cloud. Price is above the cloud and above both the Conversion and Base lines. This is a sign of a strong bullish trend. This bullish trend is confirmed by the Lagging Span, which is above price of 26 days ago as well as above the cloud. The three pillars of a stable trend are all in place. Two days ago, price broke above its high at $58.80 and yesterday, price stayed above that high maintaining the bullish uptrend. MACD is bullish and both its lines are the zero line, which is a sign of a strong bullish trend.
Price closed below the cloud on Monday night. This could be
the start of a downtrend move after Conversion and Base lines had a bearish
crossover earlier. Last night’s closing also broke an uptrend line that started
from June 2019. The rally higher was also a possible Rising Wedge chart pattern
and price has broken below this pattern’s trendline. Price is likely to return
back to the base of the Rising Wedge pattern or to the top of the gap area. MACD
has also turned bearish and is moving lower, indicating a possible price
decline going forward.
Price dropped and closed below the cloud on Monday
night after testing and failing to move above the cloud for the past 4 days.
This could be the start of a downtrend move after MACD turned bearish. MACD is
now heading lower and this could be indicative of a price decline going
forward. Both Conversion and Base lines had bearish crossover earlier before
price broke below the cloud. An uptrend line starting from March 2018 was also
broken, signaling the end of the end of an uptrend movement.
