Technically, this is a classic pullback all set up...
A strong rally to the upside based on vaccine elation
supported by financials and sectors for "going back to Normal"
followed by a Dark Cloud Cover candlestick pattern
that was confirmed with a Gap Down.
It is just above a range support, but breaking into the next Gap Down range (below the red line) would be very bearish.
MACD is showing a bearish cross down
Similarly the Relative Price Strength has crossed down
What this means is that to keep up with the bullish rally, there needs to be a much greater upward push...
which is less probable than the easier downside retracement.
Still, this downside may be quick, shallow and a set up for the bigger picture in 2021...
A strong rally to the upside based on vaccine elation
supported by financials and sectors for "going back to Normal"
followed by a Dark Cloud Cover candlestick pattern
that was confirmed with a Gap Down.
It is just above a range support, but breaking into the next Gap Down range (below the red line) would be very bearish.
MACD is showing a bearish cross down
Similarly the Relative Price Strength has crossed down
What this means is that to keep up with the bullish rally, there needs to be a much greater upward push...
which is less probable than the easier downside retracement.
Still, this downside may be quick, shallow and a set up for the bigger picture in 2021...
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.