We have the following bullish setup :
The big inverted h&s pattern on the daily - that everyone knows about
Yesterday's close is a bullish hammer - with decent volume
No increasing bear volume on the daily
We are currently above the daily 12 and 26 EMA - which will hopefully act as support
A daily close above 39xx would significantly increase the odds for bullish follow-through; however we have strong resistance at 40xx - with ichimoku cloud hanging over.
If you are currently in a long I would hold onto it; however if you are not in a trade it is probably better to wait for more volume to come into this space - maybe over the next few days.
Even though the setup looks pretty bullish (and the sentiment is too), i am not very confident in it. I know we are due for a bounce but not sure if this is it.
Good luck!
The big inverted h&s pattern on the daily - that everyone knows about
Yesterday's close is a bullish hammer - with decent volume
No increasing bear volume on the daily
We are currently above the daily 12 and 26 EMA - which will hopefully act as support
A daily close above 39xx would significantly increase the odds for bullish follow-through; however we have strong resistance at 40xx - with ichimoku cloud hanging over.
If you are currently in a long I would hold onto it; however if you are not in a trade it is probably better to wait for more volume to come into this space - maybe over the next few days.
Even though the setup looks pretty bullish (and the sentiment is too), i am not very confident in it. I know we are due for a bounce but not sure if this is it.
Good luck!