- Price is reacting negatively from 200 SMA and the resistance line.
- For Bulls price has to stay above 200 SMA for continuing the current up move.
- MACD is looking good for some more up side But price has to support bulls by breaking above the resistance line and 200 SMA.
- This entire up move is a corrective one for the fall from 134 levels and this up move is not supported by an increase in volume as shown in the last chart. Hope for bulls is a breakout above 200 SMA along with volume spike. If that does not happen bears will be in control soon.
- Price has closed above 50 Day SMA. MACD is showing a good buy signal.
- For bulls price is approaching a cluster of resistance in the form of Week High EMA, 20 Week SMA and the Golden ratio which might succeed in slowing down price momentum.
- If 50 SMA continue to hold we may see price breaking the resistance levels mentioned above.
- Bears would be hoping that price gets resisted near golden ratio and close below 50 Day SMA.
- So in short if bulls are able to face the approaching resistance levels and protect 50 SMA then this rally will gain further momentum on the upside.
