The thing I don't like about technical indicators is that I can literally put on three different indicators and say 'the indicators say it's pointing to a change in direction'.
MACD is a lagging indicator, so any reversal that has happened has already happened and is not indicative of the future SP. See how many times it's crossed over during April.
Williams is a leading indicator and leading indicators are known to predict/produce more buy and sell signals and inherently: more false signals.
ADX is usually used as a signal when it breaks 40 - a break above 40 (from below) indicates strong trends or breakouts. Falling below would indicate it is heading into a trend-less conditions.
Seeing as technical indicators are based off past historical events, we can see a similar candle pattern during the 11th of May, 16th of April, 27th of March, two reversal days after a down trend; they all led to further price drops.
The list goes on, so should we use this information and sell? I could say that because past historical events are not indicative of future events and therefore: ignore the candle pattern.
I could say that the influx of volume would be a breakout signal from the down trend. I could say that bouncing off the 6c support level is another good sign.
Technical reading seems like a magical art that confuses the hell out of me. Best of luck to you guys :)
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