I don't want to be pessimist, but looks like bullish momentum, at least for today upon the hourly chart, is over. Resistance line placed at around 8.1k looks pretty strong and actually rejected the up-trending rally towards 8.5k. Provided that the 50-day MA has crossed bellow the 200-day MA, which is a clear bearish market signal, it seems that the daily 100-MA is going to confirm today's bearish reversal by crossing under the 200-MA as well.
I think we've got to a good peak at 8.1k, but the dream is over. Sadly over. I hope I'm too stoned folks!
after a massive green candle there is a normal minor retracement and you're calling it over? Hey i'm with you on maybe a longer term bearish outlook but this is just basic trading test of resistance. Its only retraced to the 0.236 level so far. Still bullish even if it tests .382 and possibly .618!!
Oboogie
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@jimo79, Thanks bro! I know it's a normal retracement and that I have to control myself.