Thanks for viewing. This will just be a short one. My reasons for bearishness are:
- bearish RSI divergence (higher price high shown as a lower high on the RSI - at a minimum indicates reduced momentum but normally precedes changes in price direction),
- MACD histogram is trending downward quite steeply,
- MACD moving averages look like they are starting to head towards a cross-over to the downside,
- Declining volume over the past 18 months (seems to average over 400 in May 2019 and is about 120 now),
- A generalised global industrial slowdown.
I may be wrong, or I may be right but just too early, and there may be residual upside remaining. Medium term I see price heading back to ~$40 level.
Protect those funds.
- bearish RSI divergence (higher price high shown as a lower high on the RSI - at a minimum indicates reduced momentum but normally precedes changes in price direction),
- MACD histogram is trending downward quite steeply,
- MACD moving averages look like they are starting to head towards a cross-over to the downside,
- Declining volume over the past 18 months (seems to average over 400 in May 2019 and is about 120 now),
- A generalised global industrial slowdown.
I may be wrong, or I may be right but just too early, and there may be residual upside remaining. Medium term I see price heading back to ~$40 level.
Protect those funds.
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Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.