Looking at the weekly chart first. Notice the lower volume during this rally, the previous parabolic rally was met with heavy selling. Where are the sellers now? To be fair, I am seeing a lot of lower volume moves like this throughout the market.
On the daily chart we are definitely over-extended. Though the lower indicators are indicating continuation. OBV is my go-to for reading strength.
I circled a bull flag on the chart... if this move is going to continue for bulls, this is what we want to see. Another 5 days of consolidation followed by a push up.
For me this is out of play until it either consolidates or pulls back to the white or magenta lines.
Keep in mind we've moved $10 in a month.
On the daily chart we are definitely over-extended. Though the lower indicators are indicating continuation. OBV is my go-to for reading strength.
I circled a bull flag on the chart... if this move is going to continue for bulls, this is what we want to see. Another 5 days of consolidation followed by a push up.
For me this is out of play until it either consolidates or pulls back to the white or magenta lines.
Keep in mind we've moved $10 in a month.