Goldman Sachs – Multiple bearish patterns on daily chart
Daily chart shows –
Money flow index turning lower from overbought territory
Prices could test long-term falling trend line support (earlier resistance) now seen at 162.50 levels. A daily close below the same would confirm trend reversal and open doors for a drop to 50-DMA.
On the higher side, only a day end close above 168.90 (Apr 21 high) would signal continuation of the rally from June 27 low.
- Breach of rising trend line
- Bearish price RSI divergence
Money flow index turning lower from overbought territory
Prices could test long-term falling trend line support (earlier resistance) now seen at 162.50 levels. A daily close below the same would confirm trend reversal and open doors for a drop to 50-DMA.
On the higher side, only a day end close above 168.90 (Apr 21 high) would signal continuation of the rally from June 27 low.
