Weekly Review
This week we saw two great opportunities and closed on over 200 points profit for the week. The overall trajectory for the week has been bullish as it is still well below the 200 & 400 WMA, however there was a strong rally to reclaim bullish sentiment. At time of writing price is very close to the 200 WMA and had perviously breached and retraced. What we are looking to see this coming week is further selling perhaps to the 435 level.
On the Daily chart we see that price has broken through the 200 WMA to the downside, then back though then back down, It has been a ride to say the absolute least. What we’d like to see from this chart is a solid direction as now it appears to be in a potential sideways setup. We have a buy signal so hopefully price action will correct in order to correlate with our signal. The MACD is showing that it is oversold so that gives us some confidence that there will be a bullish rally in the coming weeks.
