Beware bear trap
Once bitten twice shy. As much as the weekly and daily charts look depressing, it doesn't change the fact that the weekly PPMs are all still strongly in uptrend.
Starting at the daily, PPMs 1 and 3 are under their derivatives and not in any trend. Algo also says more of the same.
However PPM2 is still in between the 2 derivatives (though not for long it seems) so we may see some action around the 21SMA for a bit.
Looking over to the weekly chart, we may test the 10SMA by the looks of the PPM1. However it is still likely to hold for now. The angle of attack of all 3 SMAs are too positive for a sudden drop anytime soon.
No fib targets in play for now so my guess is to test the 10SMA on the weekly before we see where things go.
Starting at the daily, PPMs 1 and 3 are under their derivatives and not in any trend. Algo also says more of the same.
However PPM2 is still in between the 2 derivatives (though not for long it seems) so we may see some action around the 21SMA for a bit.
Looking over to the weekly chart, we may test the 10SMA by the looks of the PPM1. However it is still likely to hold for now. The angle of attack of all 3 SMAs are too positive for a sudden drop anytime soon.
No fib targets in play for now so my guess is to test the 10SMA on the weekly before we see where things go.
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