Weekly chart:
In the big picture we see an intact downtrend, with a last course low at $ 66.65 and a correction zone between $ 82.68 and $ 90.09. The last correction ran precisely into this zone, but has been unable to continue the trend up until now. Nonetheless, the probabilities are more on the lower side.
Daily chart:
In the daily chart, the short-term situation looks a little better. Here we see a young uptrend with a correction zone between $ 79.92 and $ 71.55. Currently, the price is correcting back into this zone. As soon as reversal signals show up in the form of green candles, there will be a chance for a long trade.
Hourly chart:
In the hourly chart we also see a young uptrend, which is, however, deep into its correction zone again. As long as it does not exit the green correction zone downwards, the trend can still keep going. However, we must wait for reversal signals.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Trader asset management
BORN STAHLBERG & Partner
AgenaTrader Trading Software
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