Difficult situation for the bulls

30 May 2018

Looks like the price has made a bull flag however the chart has some pretty heavy resistance around 76-7700. From looking at the chart it seems we are being supported by the bottom of the long term support channel (green line) but that we don’t have the momentum that can bring the price up against the resistance area starting at 7600. Also volume seems to fading which might suggest we need a small pullback to see if the price can gather more steam for another leg up. The green channel (dotted green lines) might be support for such a pullback. I am however a little uncertain how valid this channels is. But as I have mentioned earlier it still seems like the joker is buyers suddenly showing up.

Note my 50 week MA was wrong in my previous charts I have corrected that.

30 May 2018

Not

Could be that the bull flag has turned into an ascending triangle which might indicate a decision point is coming up soon

30 May 2018

Not

31 May 2018

Not