ALWAYS BET ON BLACK - Update 18MOMENTUM INDICATORS TRENDING POSITIVE 30 MIN CHARTSThis time we will use MACD indicators to further analyze the current situation and a potential reversal of patterns.MACD = Moving Average Convergence DivergenceWatch these two videos for a quick how to:Part1 http://www.youtube.com/watch?v=k9nds4OpA2IPart2 http://www.youtube.com/watch?v=XCcg7a1XR2EFrom our previous analysis the charts showed us an uptrend which has broken through some resistance trend lines and it appears to be the beginning of a new trend. Further confirmation of this situation can be observed in the trends of the MACD indicator which appear to have moved outside of a downward momentum trend.In the chart below we are looking at the DOWNTREND Fibonacci fan + UPTREND Fibonacci fan + Fibonacci retracement lines. Currently we have:A. Price is challenging the 2nd resistance line in the downtrendB. Price is challenging the 2nd resistance line in the uptrendC. Price is challenging the 0% retracement of the Fibonacci linesD. In the 30 minute chart MACD trending has broken a negative slope (loss of momentum) indicating a possible reversal of the down trend.These all are very positive and I think we will remain in these conditions and continue to improve with some consolidation (retracement) before we can decidedly move to the upside.Remember that we still need to break through the downtrend resistance lines 3 and 4 and also get out of the 0% 29.5K to see a jump to the upside. Until then we could still be trapped in the downward trend..Dont forget to look at Risk Reward ration.Buy-BlackThe following two tabs change content below.BioLatest PostsBuy-BlackLatest posts by Buy-Black (see all) ALWAYS BET ON BLACK - Update 33 - May 25, 2014 ALWAYS BET ON BLACK - Update 32 - May 24, 2014 ALWAYS BET ON BLACK - Update 31 - May 16, 2014 April 25, 2014 by Buy-Black Comments are off 2769 viewson Technical Analysis by buy-blackShare this post Facebook Twitter Google plus Pinterest Linkedin Mail this article Print this article
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