Price is still stuck in the red zone that we identified after the big drop in early September.
A drop below the red zone would suggest a decline to the $290 level (about 13%) as previously projected.
A rise into the orange trading range would give a stronger bullish signal for accumulation leading to a breakout and re-test of the $380 level.
As we can see on the bottom of the chart, the MACD histogram is gradually rising towards the zero level, at which point we could expect a more reliable price increase.
Patient traders will continue to observe, looking for strong market signals of price direction.
Backtest your own ideas with SparksterSignals (link below).
- Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
A drop below the red zone would suggest a decline to the $290 level (about 13%) as previously projected.
A rise into the orange trading range would give a stronger bullish signal for accumulation leading to a breakout and re-test of the $380 level.
As we can see on the bottom of the chart, the MACD histogram is gradually rising towards the zero level, at which point we could expect a more reliable price increase.
Patient traders will continue to observe, looking for strong market signals of price direction.
Backtest your own ideas with SparksterSignals (link below).
- Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
