Lightning cloud just crossed above Thunder cloud
The prices formed a double-bottoms reversal pattern in April, 2020 and has just broken above the 250-day (red line) moving average and the upper boundary of a rising wedge pattern. The lightning cloud has just broken above the thunder cloud with a narrow shape and is heading upwards. The future thunder cloud has twisted to bullish, while Span A is heading upwards. The daily RSI stands firmly above its neutrality level at 50% and is heading upwards. The MACD is above its signal line and 0-level, while the MACD histogram is broadening.
In these perspectives, the outlook is positive. With the cloud support, prices are likely to further advance and challenge the next resistance at $110.67 (Mar 2020 top + near 78.6% fib. retracement between Feb 2020 high (point A) and Mar 2020 low (point B).
In these perspectives, the outlook is positive. With the cloud support, prices are likely to further advance and challenge the next resistance at $110.67 (Mar 2020 top + near 78.6% fib. retracement between Feb 2020 high (point A) and Mar 2020 low (point B).