Short term BOTTOM or imminent BREAK DOWN?
My fellow traders,
on the weekly chart we can see that we are hovering just above the 50 moving average and just at the bottom of the Ichimoku cloud. While this could constitute a strong support and allow for at least a small bounce, there is a high risk for momentum to carry on to next week due to this strong bearish red candle. If we do break though we could potentially incur in lower lows which, together with the lower highs of two weeks ago could mean a global bearish market.
My suggestion is to buy and set a tight stop loss. In case of a break down, carefully and progressively buy and accumulate on the way down.
Stay tuned!
on the weekly chart we can see that we are hovering just above the 50 moving average and just at the bottom of the Ichimoku cloud. While this could constitute a strong support and allow for at least a small bounce, there is a high risk for momentum to carry on to next week due to this strong bearish red candle. If we do break though we could potentially incur in lower lows which, together with the lower highs of two weeks ago could mean a global bearish market.
My suggestion is to buy and set a tight stop loss. In case of a break down, carefully and progressively buy and accumulate on the way down.
Stay tuned!
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