I was expecting for a bullish trend since the price has been in the oversold region for a long time. But then the price decided to break the lower line of the pennant and continues to go lower.
Stochastic K just entered the oversold area again after almost a three weeks. MACD histogram is starting to show more bullish power and MACD line which crossed the signal line. RSI line is testing the oversold area. ADX line is starting to confirm a trend which I think currently is a bearish trend.
Looking at the ADX of weekly chart confirms the continuation of bearish trend. But since the line is already above 40, I will be monitoring this to make sure of getting out of the trade before the bulls come to take over.
No comments:
Post a Comment