📈 TOTAL Breaks Support

13 Apr

➖ Yesterday TOTAL closed above EMA50; support holds.
➖ Today, TOTAL broke below EMA50 on high volume; support breaks.

Chart signals

➖ EMA50 is a medium-term moving average, which for us means a time duration between 1-3 months.

➖ Breaking below EMA50 opens up the possibility for the TOTAL index to drop medium-term, i.e. 1-3 months.

➖ A positive signal is the fact that TOTAL is still trading above its 20-March low but this is likely only temporary. Related pairs and markets went on to produce lower lows and some are trading all the way down already; what one does, the rest tends to do the same.

➖ The RSI is already way below 50, almost reaching 40.
(Weak RSI confirmed.)

👉 I guess we will be looking at new bullish action within 4-6 months and new highs late 2024 or early to mid-2025.

What's your take?

You can find the targets (support) on the chart.

Namaste.