Bullish Flag on the weekly chart
The weekly chart shows a nasty "Bullish flag".
Even though this pattern is bullish, there are bearish signs to consider.
Take the S1 Weekly Pivot as our first example.
It was acting as a support, but now it is acting as a resistance, as the price has broken through (and managed to stay below) with high volume.
The RSI is still falling and has plenty of room to fall.
On the other side, the MACD is showing a regular divergence (the price is at lower lows while the MACD is showing higher lows), which is a bullish sign.
RSI is oversold on the daily chart.
Support: 234.7, 215.72
Resistance: 248.86, 268.24
Even though this pattern is bullish, there are bearish signs to consider.
Take the S1 Weekly Pivot as our first example.
It was acting as a support, but now it is acting as a resistance, as the price has broken through (and managed to stay below) with high volume.
The RSI is still falling and has plenty of room to fall.
On the other side, the MACD is showing a regular divergence (the price is at lower lows while the MACD is showing higher lows), which is a bullish sign.
RSI is oversold on the daily chart.
Support: 234.7, 215.72
Resistance: 248.86, 268.24
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