Daily
Positives
Stoch 5 is returning to the sig line & rising up to the 20 line.
Histogram is rising
MACD appears to be turning
Volume continues to be very low.
Negatives
Stoch 14 remains flat & oversold
MACD is below the sig line
Outlook.
Last week saw the slide continue as expected with the weekly support holding.
Given the very low volume it is pretty obvious that the market is not interested in selling at these low prices. That does not mean there will be no further fall in the sp.
So the outlook for the coming week is pretty much the same as last weeks & I expect to see a new low.
Nearest support is 0.072 then down around 0.068 – 0.070. A close below 0.07 opens the way for further falls & a potential to retest the May lows at 0.061.
Resistance now at 0.074 – 0.075 then up around 0.077 - 0.08
Weekly
Positives
MACD is still above the sig line
Support held
Narrowing bars & decreasing volume
Negatives
Closed near the week lows
Made a new weekly low
Weekly outlook
The decreasing volume & narrow weekly bar suggest the mark down is coming to an end.
However, my model is suggesting that we will see another lower low again in the coming week & potentially a drop to the next weekly support around 0.067 – 0.07. Time will tell.
Resistance is around 0.075 –then up at 0.08
