Last week the 60 min. chart showed how price couldn't stay above its 200 MA. This week however, I am looking for that same 200 MA to be the resistance and the trigger point for a push lower. Anytime it exceeds this level or stays above it will become bullish and at the least a few hours or days. The two moving average I am showing below are the two MA's that are important to me as prices can be seen respecting these values. More importantly though is that they are both looking to converge again. Although using a 50 MA could give you a faster indicator, using the 75 smooths out the swings, and volatility in price. So far price are below both these Moving Averages and still under the 200 day MA.
We are still in a down market and I don't see that changing anytime soon. There is also a high probability of an acceleration to the downside so long positions should be minimized or given attention in case one needs to exit their position.
SEN: Bearish
ST: DOWN
PA: DOWN
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