When Technicals Defy Macros
there is a bullish momentum divergence; it can be showed better using the stochastic RSI
It’s strong since the last low has rebounded on a very very strong support. In addition, the latter is also the -2SD level over the last 2 year. Based on a conservative mean reversion projection, the price could rebound to 107.239 which is not only the –1 SD over last 2-Y but also an old short term support. But seeing the ongoing uncertainty in macro universe, I can’t guaranty that it would exceed that target.
Verdict: NOW, it’s a very risky Bullish; I can alarm you when there is a confirmation (break-out of the RSI R1 level), for now, nothing sure!
It’s strong since the last low has rebounded on a very very strong support. In addition, the latter is also the -2SD level over the last 2 year. Based on a conservative mean reversion projection, the price could rebound to 107.239 which is not only the –1 SD over last 2-Y but also an old short term support. But seeing the ongoing uncertainty in macro universe, I can’t guaranty that it would exceed that target.
Verdict: NOW, it’s a very risky Bullish; I can alarm you when there is a confirmation (break-out of the RSI R1 level), for now, nothing sure!
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