Another Battle on our hands.
The bulls and the bears are out in force today trying to decide the next leg.
We are sitting in between the 25 day EMA and the 50. We have large tails on a lot of these candles indicating the that the bears are still out in force.They managed to get us to close below the 25 yesterday, and we have been hanging around that level all morning. This type of action could be looked at as a bearish flag pattern forming on the hourly. The forceful drop from 392 to 380 and then the stall at that level with an upward drift could be foreshadowing more downward moves.
In the bulls case. They have managed to keep us above the 50 Day ema for some time now, and their biggest hurdles will be to punch up past 388 and close there for the day.
This price action will be hard to predict over the weekend. Right now we are taking a breather and gathering strength for a larger move later on. We will have to wait and see who takes the wheel in the near future. Will the bulls ride us up to 400 or will the bears bring us down to the next large hurdle, the 100 Day EMA.
We are sitting in between the 25 day EMA and the 50. We have large tails on a lot of these candles indicating the that the bears are still out in force.They managed to get us to close below the 25 yesterday, and we have been hanging around that level all morning. This type of action could be looked at as a bearish flag pattern forming on the hourly. The forceful drop from 392 to 380 and then the stall at that level with an upward drift could be foreshadowing more downward moves.
In the bulls case. They have managed to keep us above the 50 Day ema for some time now, and their biggest hurdles will be to punch up past 388 and close there for the day.
This price action will be hard to predict over the weekend. Right now we are taking a breather and gathering strength for a larger move later on. We will have to wait and see who takes the wheel in the near future. Will the bulls ride us up to 400 or will the bears bring us down to the next large hurdle, the 100 Day EMA.
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