Resistance – 21,443,21,745,22,375
Support – 20,616,20,329,20,045
Current Price – USD 20,750
Bull Argument
- RSI in divergence
Bear Argument
- RSI is below 50
Synopsis – Intraday
- Price action remains technically corrective below the 8-21 period EMA’s
- The RSI is in bearish territory with the stochastic in oversold territory
- Both the RSI and the Stochastic are showing bullish divergences on the 4-hour time frames; not a buy signal it does warm that we have the potential to see a momentum slowdown on the intraday
- Upside price action on the intraday technical above USD 21,745 would be considered as deep and neutralise the current intraday corrective wave. However, it remains technically bearish below the USD 22,375 fractal resistance
- Technically bearish on the intraday, momentum indicators would suggest the downside is currently a little overextended. Upside moves that fall at or below USD 21,745 would be considered as technically weak suggesting we have the potential to retesr the lows.
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Source: Freight Waves
