The diversion between OBV And Accumulation caused bullish pressure to manifest in an upward move when our triangle resolved, but switching over to the Ichimoku cloud @ 4hr to gain clarity into a potential move we see the bearish pressures that have pushed price back onto minor support at 4370CNY which seems to be holding for now. Of the 4 primary Ichimoku signals we look for in trend:
OBV, Accum/Dist and CCI all confirm a bearish trend short term.
Currently if support holds, we are likely to see price returning to test the cloud, but continued bearish pressure is likely to the next support at 4300. Bearish pressure is likely to continue for several days. Watch for a break above the 4500 level towards 4600 to confirm a new trend.
- Price has moved below the cloud (bearish)
- Cloud turns from green to red (bearish)
- Price has moved below base line (bearish)
- Conversion line has moved below base line (bearish). Conversion line has very recently moved to meet the base line but has yet to re-cross, so still bearish.
OBV, Accum/Dist and CCI all confirm a bearish trend short term.
Currently if support holds, we are likely to see price returning to test the cloud, but continued bearish pressure is likely to the next support at 4300. Bearish pressure is likely to continue for several days. Watch for a break above the 4500 level towards 4600 to confirm a new trend.