- Trend - Side
- Momentum - Oversold
- Support - 2700
- Fibonacci Resistance - 2882
- 14D Resistance - 2780 (aligned with 50D MA resistance)
- Candle - harami (neutral)
- Volume - 0.5x of average
- Pattern - broke 28D downward channel
From the last 2 weeks, we can observe that the trading range has changed. It is now side trading within the target range of 2700 and 2880. This range is a bullish range as compared to 2520-2700 bearish range.
One of the bullish signs that we can observed is that volume decreasing (14D MA Vol is below 50D MA Vol) and price is stabilising or support at 2700. Short term trading range is 2700 and 2880.
From the weekly chart, it shown black upward candle with reducing volume. Such signal doesn't any sign of bullishness. Signal is trending along long term MA. Another contradicting signal against the daily chart movement.
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