Weekly chart:
In the big picture we see a valid downtrend with the last point two at $ 69.58. The subsequent correction did not quite reach the red correction zone, but instead turned back around to head downward once more at $ 98.64. However, this week, the continuation of the trend came to a slight standstill, but this does not change the fact that a continuation of the trend is always more likely than a break in the trend.
Daily chart:
The situation in the daily chart is somewhat clearer. Here, too, we see a clear downtrend, with a correction zone between $ 79.69 and $ 86.17. The price is just dipping into this zone and is forming a reversal candle today. This could be the signal that the downtrend will be picked up once more. One can attempt an entry via the hourly chart.
Hourly chart:
The signals based on the DowHow setup indicate a possible short trade here. Once again, here the trend is also headed downward and has completely exhausted the red correction zone, even touching the last point three at $ 84.67 as it did so. As long as the closing price does not break this red zone, the likelihood of the downtrend continuing remains the same.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
IMPORTANT NOTE: Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer's investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. Please refer to the current version of the Terms and Conditions.