An interesting week went by, one with ups and downs and all around. The week ended with a long lower tail in the weekly candlestick. This we know, indicates bullishness. The daily chart shows how this came about, with a doji on Wednesday, and then a higher low retest followed by a nice uptick on Friday. These moves bounced off a support level, as well as clock in a second higher low (after technical bounce was expected previously). The weekly technical indicators crossed up recently, and the daily technical indicators show mild bullish build in the MACD, and less so in the RPM.
Taken together, it appears that a bullish break out is imminent for the coming week. If this happens, then we are looking at a higher probability for July to close higher at about 13,500.
Watch the next few days, it should show hand...
Taken together, it appears that a bullish break out is imminent for the coming week. If this happens, then we are looking at a higher probability for July to close higher at about 13,500.
Watch the next few days, it should show hand...
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