Long term I am expecting to break above the weekly 21 EMA & possible make a higher high.
Intraday I still see a very bearish market.
On the weekly chart I see divergence with MACDEE trending up & price trending down. Stochastic is in no man’s land, we need to wait for it to get to the oversold area before a reversal is confirmed. Price has hit the 21 EMA & the 21 EMA is still very steep so I am still expecting either a bear or a doji candle next week.
On the daily chart price slammed into the bolinger bands yesterday which means either price will stall for a while before a continuation or a reversal. Price has reached the 78.6% fib, stochastic are over sold & MACDEE is turning over ( it is not giving divergence yet so it can still give another move higher)
On the 4 hour MACDEE is giving divergence & Stochastic is over sold indicating a reversal is on the cards. Tp1 – 21 ema Tp2 50% fib, 1.24626 Tp3 – 61.8% fib, 1.24131