Looking at today's charts, there are mixed outlooks. On one hand, the daily outlook looks slightly more rosy with a spike in momentum being predicted in the coming few days. PPM1 looks to be waiting to pounce. The algo on the 10 SMA is showing the same thing. This can only mean that price is likely to push upwards.
However, the weekly chart is still showing signs that over the next 2 weeks, there will be a sudden downturn again. There is an abrupt drop in the algo for 10 SMA and the corresponding PPM1.
With the PPMs 2 and 3 being more or less flat and their corresponding SMAs converging downwards, price still seems more likely to go sideways to down for now. Barring the occasional spikes either way like what we saw last week, it should be a slow burn to the downside for the foreseeable future.
However, the weekly chart is still showing signs that over the next 2 weeks, there will be a sudden downturn again. There is an abrupt drop in the algo for 10 SMA and the corresponding PPM1.
With the PPMs 2 and 3 being more or less flat and their corresponding SMAs converging downwards, price still seems more likely to go sideways to down for now. Barring the occasional spikes either way like what we saw last week, it should be a slow burn to the downside for the foreseeable future.