Time for a Pullback tomorrow
To me this is mixed bullish bearish technicals, but the indicators I put more weight on makes this more bearish
RSI and MACD both showing bullish momentum with the RSI trending upwards and MACD Bullish cross on the daily
However Premium index is high and also TD count 9 is approaching tomorrow.
In positive trends high premium index is actually a favorable indicator as it predicts continuation of trend,
Where as in ranging environments such as this it can be seen as a contra - indicator.
We cannot be certain from charts alone that this is a ranging environment, as it can be argued this is bullish consolidation into continuation.
But seeing rampant speculation across all markets make me wonder 41K was the final top, and hence I'm betting for a ranging environment here until proven wrong.
If we fall here we can expect atleast a test of the 50 D MA in Blue
or continue on with the descending triangle theme we have going here.
Stay safe
RSI and MACD both showing bullish momentum with the RSI trending upwards and MACD Bullish cross on the daily
However Premium index is high and also TD count 9 is approaching tomorrow.
In positive trends high premium index is actually a favorable indicator as it predicts continuation of trend,
Where as in ranging environments such as this it can be seen as a contra - indicator.
We cannot be certain from charts alone that this is a ranging environment, as it can be argued this is bullish consolidation into continuation.
But seeing rampant speculation across all markets make me wonder 41K was the final top, and hence I'm betting for a ranging environment here until proven wrong.
If we fall here we can expect atleast a test of the 50 D MA in Blue
or continue on with the descending triangle theme we have going here.
Stay safe
Penafian
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