So this is my first ever analysis that I publish. In de past weeks I have been trying to learn by reading as much as I can and by looking at analyses here on TV in my spare time. I would like to have some feedback on this chart I made. Am I using indicators correctly? Am I interpeting signals right?
What I did here
- RSI: is below 30 so the commodity is oversold, which indicates a signal.
- MACD: MACD-line is below signal line which gives us a signal, although they seem to be approaching each other.
- FIB: shows that it has his the .681 level which used to be a solid that could be turning into a new support or upward retracement, after the bears managed to break support at the .236 level.
Would love to hear what you guys think!