- The market is trading above a bullish trendline since March 2024 ; the mid-term trend is then bullish.
- Since the last impulsion wave that led the market to $32.150, prices have registered a pull back in a shape of a bearish flag pattern.
This pull-back led the market back to its mid-term bullish trendline, where bull traders prevented prices from dipping further.
Both moving averages remain bullish, while the RSI indicator doesn't indicate any bearish breakout to come, still evolving above its own trendline.
- The technical environment seems to tell us the current bearish price action may just be the market testing the newly established support at $25.925 before reaching new highs.
The next targets can be located around $31.885, $32.650, $33.750 and $35.140.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- Since the last impulsion wave that led the market to $32.150, prices have registered a pull back in a shape of a bearish flag pattern.
This pull-back led the market back to its mid-term bullish trendline, where bull traders prevented prices from dipping further.
Both moving averages remain bullish, while the RSI indicator doesn't indicate any bearish breakout to come, still evolving above its own trendline.
- The technical environment seems to tell us the current bearish price action may just be the market testing the newly established support at $25.925 before reaching new highs.
The next targets can be located around $31.885, $32.650, $33.750 and $35.140.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.