1) We bounced off the bottom of the Ichimoko Cloud on the daily. This coincided with a larger S/R level I drew.
2) Stoch RSI suggests an upturn, from oversold conditions.
3) MACD still has not reset on the daily. The closest is the 6H where it has bottomed and upturned.
4) RSI isn't telling me much.
5) Volume looks strong, particularly the last 4-6 hours.
We have resistance at roughly 8820 which is where we hit and retraced just now. Getting past that the next resistance is 9200, this also roughly coincides with the tenken. Local S/R levels would suggest we bounce from here as a move down would be a more drastic proposition.
I don't know at this stage, we're either at the beginning of bullish rally or this is simply going to be a failed bounce.
My gut feeling suggests a rally to move past 9k. My long is still tentatively open from 8350.
2) Stoch RSI suggests an upturn, from oversold conditions.
3) MACD still has not reset on the daily. The closest is the 6H where it has bottomed and upturned.
4) RSI isn't telling me much.
5) Volume looks strong, particularly the last 4-6 hours.
We have resistance at roughly 8820 which is where we hit and retraced just now. Getting past that the next resistance is 9200, this also roughly coincides with the tenken. Local S/R levels would suggest we bounce from here as a move down would be a more drastic proposition.
I don't know at this stage, we're either at the beginning of bullish rally or this is simply going to be a failed bounce.
My gut feeling suggests a rally to move past 9k. My long is still tentatively open from 8350.