FIL getting ready for a Rally?
On a Daily chart, FIL appears to be channeling down (semi-channeling) towards a historic Support all the way from the year 2020. I'm not counting on FIL to reach the Support, I'm more interested with what happens to RSI and MACD. Historically, whenever FIL's RSI dipped below 30 on a Daily chart, the price recovered at least 50% rather quickly. This can be observed on May 19th 2021, June 21st to 29th 2021, and a few other times. This recovery pattern is more evident on lower timeframes, have a look at those dates on 1H or 4h.
In the mean time, I am playing the down trending channel, hoping for a rally by observing 2 main indicators on a Daily chart.
#1 RSI reaching 30 or lower and then breaking the trendline
#2 MACD Cross Up
In the mean time, I am playing the down trending channel, hoping for a rally by observing 2 main indicators on a Daily chart.
#1 RSI reaching 30 or lower and then breaking the trendline
#2 MACD Cross Up
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