What a rally to end this week! The last few seconds before Friday closing spiked to new high!
The case to be bearish:
Based on daily TF, it has hit the upper channel again. The 7 daily candles have formed a resistance line. If it can't close above, I would deem it as bearish reversal sign.
Future more, as long as the daily candle did not touch the upper BB, I would see this as topping soon!
Weekly TF has shown after three long green candles, there is a bearish reversal. The current one has 4 green candles with this week as much smaller one. Based on candlesticks pattern, this is candle bearish deliberation pattern.
Example of successful bearish deliberation pattern can be shown in below charts.
The case to be bullish:
On the other hand, Friday candle has broken out of the consolidation within the 9th Jun candle, closing with new high. This could be deemed as bullish.
Verdict:
A trend with no retracement is not sustainable. The daily MACD seems to be about to go down and daily RSI is very overbought.Together with the candlestick pattern and trendline pattern, I remain a stubborn bear for a decent retracement but will be cautious for a spike to 2.7 before the anticipated retracement.
Daily support/resistance on 20th Jun: 2.638, 2.605
Weekly support/resistance for 20th-24th Jun: 2.635, 2.596
Monthly support/resistance for Jun: 2.235, 2.26, 2.128, 2.204
The case to be bearish:
Based on daily TF, it has hit the upper channel again. The 7 daily candles have formed a resistance line. If it can't close above, I would deem it as bearish reversal sign.
Future more, as long as the daily candle did not touch the upper BB, I would see this as topping soon!
Weekly TF has shown after three long green candles, there is a bearish reversal. The current one has 4 green candles with this week as much smaller one. Based on candlesticks pattern, this is candle bearish deliberation pattern.
Example of successful bearish deliberation pattern can be shown in below charts.
The case to be bullish:
On the other hand, Friday candle has broken out of the consolidation within the 9th Jun candle, closing with new high. This could be deemed as bullish.
Verdict:
A trend with no retracement is not sustainable. The daily MACD seems to be about to go down and daily RSI is very overbought.Together with the candlestick pattern and trendline pattern, I remain a stubborn bear for a decent retracement but will be cautious for a spike to 2.7 before the anticipated retracement.
Daily support/resistance on 20th Jun: 2.638, 2.605
Weekly support/resistance for 20th-24th Jun: 2.635, 2.596
Monthly support/resistance for Jun: 2.235, 2.26, 2.128, 2.204
Above updates have helped me to add up my knowledge of commodity market by offering me with live updates on commodity market and Epic Research. Join our services for better investment.
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