Price failed to find support by the Cloud on May 10 and broke inside
it with a strong candle. Now we see how its tested the lower Cloud
support and the Weekly S1 at 8000. There is some initial support
found but with the ascending lower Cloud chances are it will fail to
find the momentum needed to avoid shift trend from neutral to
bearish. However, if price makes a move up to day and close above
8500 level (the Monthly pivot point) we could see further gains and a
test of the 8900-9000 resistance.
Overall, price seems unable to break above the SMA200 which has
held resistance on three occasions now. We might see
prolonged sideways action until enough bulls gather to break the
10000 barrier. The couple days ahead will give a clue, depending
on how price behaves: if it wants to stay inside the Cloud or fails
and falls below it.
it with a strong candle. Now we see how its tested the lower Cloud
support and the Weekly S1 at 8000. There is some initial support
found but with the ascending lower Cloud chances are it will fail to
find the momentum needed to avoid shift trend from neutral to
bearish. However, if price makes a move up to day and close above
8500 level (the Monthly pivot point) we could see further gains and a
test of the 8900-9000 resistance.
Overall, price seems unable to break above the SMA200 which has
held resistance on three occasions now. We might see
prolonged sideways action until enough bulls gather to break the
10000 barrier. The couple days ahead will give a clue, depending
on how price behaves: if it wants to stay inside the Cloud or fails
and falls below it.
