Furthermore, another scenario: going by your daily chart. It's...

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PlasmaTrader

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23/01/18

20:18

Post #: 30511210
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Originally posted by ProCapitalism ↑

On this weekly chart the Tenkan Sen & Kijun Sen have turned flat. It indicates we could be entering a consolidation period for the next few weeks at least.

The critical support area for the week is $3.35. If that fails, the next support area where buyers will drive the SP back up is the Kijun Sen at $3.12 area.

Resistance will be the $3.93 area.

View attachment 934120

Below is a daily chart.

Support for tomorrow will be the $3.46 area, if that fails the $3.35 support area comes back into play.

Resistance will be the top of the Kumo at the $3.66 level. We have to close above that level in order to move higher & start filling gaps.

The Tenkan Sen & Kijun Sen have crossed, that indicates a weak sell signal on the daily chart.

The candle stick pattern here (last 3 candles) could be considered a "morning star" pattern & indicates a bullish reversal may have started.

View attachment 934129

IMO

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Furthermore, another scenario: going by your daily chart. It's so close to a "Kumo breakout" I'd seriously be stressing holding any kind of shorts at this level. A cross above the senkou span A (top of the cloud) would signal a cloud breakout, and should buyers gain further momentum and price crosses the Kijun-sen, both would be very bullish signals. I take it, any positive momentum that breaks the cloud ($3.66), will force a lot shorts to cover thereby triggering a possible short squeeze to follow with buying support to chase the gap above. Chikou span would also follow rising above price at this point which is yet another bullish sign.

Again IMO.

GXY Price at posting: $3.60 Sentiment: Buy Disclosure: Held
8 Upvote

0 Great analysis

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