Looking at the daily time frame, there is a case for either a bull or bear outcome.
Bull Case:
1) Green up channel
Observation: All candles consistently close within the channel since 24 March.
Downside: Channel width is very large. 13.5% price swing is not a tight channel to be 100% confident in.
2) Moving Averages (20,50,200)
Observation: Price is currently trading above all averages. Has closed daily above the 20SMA since 6 April. Consistently above the 50SMA since 27 April. One month later on 27 May, it crossed and closed above the 200 SMA. Strong evidence of a long term trend change.
3) Bull Flags
Observation: There has been 2 strong bull flags that played out within the channel. 23 Mar - 17 Apr & 14 May -9 June. These flags occurring within the channel yields more confirmation of the channel having importance in my opinion.
Bear Case:
1) Bear channel
Observation: Bear channel has now formed and held closes since 8 June. Channel width is half as much as bull channel - about 6.25%
Downside: Channel hasn't had much time to form, and its sitting inside the longer bull channel, this could just be a pullback, unless it breaks the bull channel.
2) MACD crossover
Observation: MACD crossover occurred on 11 June and has yet to dip below the zero line. But it also hasnt crossed to a daily buy signal.
3) New bear flag
Observation: Looking since 10 June, we can see a bear flag in the making. The retracement of the flag is deep, but it doesn't seem to me to cancel out the formation.
Bull Case:
1) Green up channel
Observation: All candles consistently close within the channel since 24 March.
Downside: Channel width is very large. 13.5% price swing is not a tight channel to be 100% confident in.
2) Moving Averages (20,50,200)
Observation: Price is currently trading above all averages. Has closed daily above the 20SMA since 6 April. Consistently above the 50SMA since 27 April. One month later on 27 May, it crossed and closed above the 200 SMA. Strong evidence of a long term trend change.
3) Bull Flags
Observation: There has been 2 strong bull flags that played out within the channel. 23 Mar - 17 Apr & 14 May -9 June. These flags occurring within the channel yields more confirmation of the channel having importance in my opinion.
Bear Case:
1) Bear channel
Observation: Bear channel has now formed and held closes since 8 June. Channel width is half as much as bull channel - about 6.25%
Downside: Channel hasn't had much time to form, and its sitting inside the longer bull channel, this could just be a pullback, unless it breaks the bull channel.
2) MACD crossover
Observation: MACD crossover occurred on 11 June and has yet to dip below the zero line. But it also hasnt crossed to a daily buy signal.
3) New bear flag
Observation: Looking since 10 June, we can see a bear flag in the making. The retracement of the flag is deep, but it doesn't seem to me to cancel out the formation.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.