Hey everyone, this is my first time posting. I'm relatively new to technical analysis as I'm from a software background but I see this as a way to improve my skills and learn more by doing.
Anyways, looking at the four hour chart we can see that a inverse head and shoulders has been confirmed. Whether or not that results in a trend change to the bulls is another story. Currently we are struggling with the pink resistance line at $176 and the major bear trend line. On the bright side we have some good distance from the 200 EMA and 50 EMA, though the 200 EMA is holding on for dear life. If we get to $190, the next place we will likely stop is a $235 resistance as per the inverse head and shoulders price target. $235 should represent the next major resistance if we enter a bullish trend, and with volume looking the way it is I think the odds are good. Also, be sure to keep an eye on the distance between the 50 EMA and 200 EMA.
Hope this helps you visualize things. I will be consistently be giving updates from here on out for you and me. Feel free to give feedback; it would be much appreciated as this is a learning process for me and forever will be!
-JZ
Anyways, looking at the four hour chart we can see that a inverse head and shoulders has been confirmed. Whether or not that results in a trend change to the bulls is another story. Currently we are struggling with the pink resistance line at $176 and the major bear trend line. On the bright side we have some good distance from the 200 EMA and 50 EMA, though the 200 EMA is holding on for dear life. If we get to $190, the next place we will likely stop is a $235 resistance as per the inverse head and shoulders price target. $235 should represent the next major resistance if we enter a bullish trend, and with volume looking the way it is I think the odds are good. Also, be sure to keep an eye on the distance between the 50 EMA and 200 EMA.
Hope this helps you visualize things. I will be consistently be giving updates from here on out for you and me. Feel free to give feedback; it would be much appreciated as this is a learning process for me and forever will be!
-JZ
