Bearish until 200 DMA breaks
If you look back to the 2018 bear market, you will see a very similar pattern to what we are seeing now. Clear bottoming formation, break of downward sloping resistance, strong Williams Alligator turning bullish, RSI increasing. BUT was turned back twice by the 200 MA!
While there is no doubt the PA has been bullish and the chart looks good I just cant flip fully bullish unless that 200 is broken. While I dont take short positions often, I think a strong setup would be at or just below the 200 MA in the 54k region with a target of 41400.
Happy trading. Hoping I can update this with further bullish signals.
While there is no doubt the PA has been bullish and the chart looks good I just cant flip fully bullish unless that 200 is broken. While I dont take short positions often, I think a strong setup would be at or just below the 200 MA in the 54k region with a target of 41400.
Happy trading. Hoping I can update this with further bullish signals.
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