Reading ChartsI didn’t post any charts last week due to lack of any changes in technical position. And to be honest this week is pretty same. So if you are not into TA you can skip the post.
On Weekly Chart
we are bellow EMA9 and KAMA and touching EMA20. RSIs/CCI /Stochastics are pointing lower but they are not in oversold position yet (still room to go lower). True Strength Index is curling down but still in positive territory. – like last week and 2 weeks ago. Resistance on Weekly Chart is around 1.75 (EMA20). Fibonacci Retracement’s 1.66/1.26/1.06 – yes same as before
Daily Chart -
we still didn’t breach support trend line which is around 1.77 but created 4 lower highs which tell us that prevailing trend is down. RSI/CCI are in neutral territories but moving higher. True Strength Index still in negative territory indicating lack of momentum. .
60 Minutes Chart –
we are in down trading channel. Support and resistance is at trending lines: 1.68 and 1.84. True Strength Index is curling up and moved into positive territory. Momentum might be coming back
So nothing really changed. No selloff after May 10
th and no news (I don’t count today’s PR as anything material).
Waiting for the Meeting and Financials. Looking at charts chances for $2.50 are the same as chances for $1.30. Would like to see volume picking up momentum coming back. And off course trend being reestablished. Just wishful thinking
Happy trading