Daily 9 June
Outlook.
Once again there are tentative signs from the indicators that we could move up.
And once again the MM will probably have other intentions.
Volume has been almost non existent the last two weeks which leads to the expectation that a breakout is imminent.
My system again shows multiple upside alerts so I expect to see a higher high than Fri close on the next bar.
However, while 44 – 45 is holding as support, I half expect to see a shakeout which could see 42 as the next downside support being tested if the MM so chooses.
Resistance is again at 47 – 49 but with no vol to speak of its only a matter of time before there is a major move to the upside.
Best thing to do atm is just be patient, don’t sell to the BEOT & wait.
We will get there.
Weekly
Once again the weekly is looking a bit bearish with the Stoch turned down & in the bearish zone below 50, but there are some positive signs here as well.
MACD IS moving back toward the sig line.
The Histogram is still slowly rising toward zero & Vol has all but disappeared & was the lowest weekly vol for 2 years.
Looking at my models I expect to see a lower low than the close on the next candle but expect support around 44 to hold.
If the daily starts to run, then the next wkly resistance is back up around 52.
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