Daily pattern showing bullish Harami - description below
Weekly:
Based on the weekly, RNU has further to fall. If 8 is hit and fails, I'd expect high 6's.
4hr chart
4hr Showing higher high higher low but reducing volume indicating possible fall to 8
1Hr chart
1hr show reasonably solid support at 8.3 but volume decreasing also indicating buyers are wary. Sellers had a crack (second last red volume) but didn't make a dent which could support an increase to SP.
Hourly chart zoomed out:
Strong resistance at 8.9, reducing volume, RSI extending into over bought very similar to 23 August zone which resulted in higher SP that lost momentum over time.
From a trading perspective, I would want to see some volume supporting high RSI at existing price resistance before I could anticipate further increases. Currently falling volume
My view is the weekly provides guidance and indicates further falls to come even though the current daily signal appears bullish (harami). I think any +ve news will drive SP up but lack of some catalyst with situation normal will see the SP fall in guidance with weekly. Reduced interest rates (macro U.S markets could see some temporary bullishness)
As for C&H, I do not think it ever existed (2021 but not recently) similar I do not see IH&S or H&S just movement between trends currently with lots of selling pressure and high RSI. Weekly 100EMA is also very close moving below 200EMA and 43EMA is still offering resistance (orange line)
Zoomed out weekly
No one likes to hear the negative but it provides a balanced perspective.
