We had some indecision in the market yesterday, with a doji-like candle by the end of the trading session and both ends similarly long. It may seem like the selling has abated somewhat.
However, note that the PPMs are all still negative even if they are not in trend. Yes, they are starting to gain momentum, but the SMAs will still need some time to reverse and price will still need some time to revert back up.
That said, momentum is reversing for now. We can see the algos on all the daily PPMs looking to go back up over the next few trading sessions.
Do not expect this rally to bring new ATH though, this counter is not that volatile and the weekly chart is still looking bleak, with the PPMs 1 and 2 still in down trend. But the algo is predicting PPM 1 to soon start having an upside bias and PPM 2 to soon start reversing. PPM3 is not playing ball yet, so the 40 SMA will likely be overhead resistance. Note that the first high fib target is currently below the 21 SMA on this time frame, so expect that to be the 1st sign of resistance.
However, note that the PPMs are all still negative even if they are not in trend. Yes, they are starting to gain momentum, but the SMAs will still need some time to reverse and price will still need some time to revert back up.
That said, momentum is reversing for now. We can see the algos on all the daily PPMs looking to go back up over the next few trading sessions.
Do not expect this rally to bring new ATH though, this counter is not that volatile and the weekly chart is still looking bleak, with the PPMs 1 and 2 still in down trend. But the algo is predicting PPM 1 to soon start having an upside bias and PPM 2 to soon start reversing. PPM3 is not playing ball yet, so the 40 SMA will likely be overhead resistance. Note that the first high fib target is currently below the 21 SMA on this time frame, so expect that to be the 1st sign of resistance.