Long
RDS.A Short to $65, then Long to $72
RDS.A is looking like it could be in the midst of a new Impulse wave upward, we could be looking at the peak of point iii, which retraces the 0.618 fib quite nicely from wave 0-a in the drop in Jan/Feb.
Prices have been pushing higher lately.
If we are at the peak of wave ii-iii, then we should see a price reversal down to $65 soon, down to point iv.
Price could fall as low as $64, indicated by the resistance line trending upward, and the 0.236 fib
The ADX at about 30 indicates there is a trend, not super strong, but not weak either.
With the +DI favoring the bulls currently.
The RSI is at 72, just crossing above 70.
Therefore, the price could be in overbought territory, supporting the hypothesis that price will come down in the short term to point iv.
The MACD histogram is above 0, and shows no sign of crossing below 0.
The fast and slow lines are also above 0.
The difference between the lines appear to be at their peak, so convergence between the fast/slow should occur soon, suggesting price will come down soon (to point iv).
The Stochastic RSI is in the overbought zone at almost 95.
Typically the Stochastic stays above the overbought level for about 7 days before coming back down.
Overall outlook, price will come down soon to $65, but be ready to take action and go long to $72 afterwards.
Prices have been pushing higher lately.
If we are at the peak of wave ii-iii, then we should see a price reversal down to $65 soon, down to point iv.
Price could fall as low as $64, indicated by the resistance line trending upward, and the 0.236 fib
The ADX at about 30 indicates there is a trend, not super strong, but not weak either.
With the +DI favoring the bulls currently.
The RSI is at 72, just crossing above 70.
Therefore, the price could be in overbought territory, supporting the hypothesis that price will come down in the short term to point iv.
The MACD histogram is above 0, and shows no sign of crossing below 0.
The fast and slow lines are also above 0.
The difference between the lines appear to be at their peak, so convergence between the fast/slow should occur soon, suggesting price will come down soon (to point iv).
The Stochastic RSI is in the overbought zone at almost 95.
Typically the Stochastic stays above the overbought level for about 7 days before coming back down.
Overall outlook, price will come down soon to $65, but be ready to take action and go long to $72 afterwards.
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