Momentum seems to have waned over the last 2 days. The selloff following the initial spike had taken the wind out of the sails of this rally.
Algos on the daily PPMs have gone flat. Hence I would expect more range trading over the next few sessions.
However, once we move over to the weekly, we see that the algos on the SMAs are drawing a move for the 10 SMA up to the 40 SMA at 3.258. If this materializes, I would think that the price would have to push upwards to meet the 40 SMA at the minimum. After all, mathematically speaking, the average can't move up unless new numbers added into the group that are above the current average.
That said, price will have to contend with the 21 SMA which is currently in down trend and providing heavy resistance overhead.
So while possibility of moving up is there, there is also resistance midway.
Algos on the daily PPMs have gone flat. Hence I would expect more range trading over the next few sessions.
However, once we move over to the weekly, we see that the algos on the SMAs are drawing a move for the 10 SMA up to the 40 SMA at 3.258. If this materializes, I would think that the price would have to push upwards to meet the 40 SMA at the minimum. After all, mathematically speaking, the average can't move up unless new numbers added into the group that are above the current average.
That said, price will have to contend with the 21 SMA which is currently in down trend and providing heavy resistance overhead.
So while possibility of moving up is there, there is also resistance midway.