What a fake out…
Wednesday we had a break out and back test of the 50 SMA and upper trend line…
Our early indicators all pointed bullish…I was feeling giddy, left the computer, and behold–KABOOM!
Friday SILJ RSI trend lines were bear breached and all bullish moves were erased…
The slope 20 clearly has a positive divergence within a positive divergence which usually is “very bullish”..
The MACD needs to breach zero and SILJ needs to have a 13/34 BULL cross for me to feel “comfortably” bullish…
Support was found EOD on the pink lower trend line FWIW…
SILJ needs to bounce hard now or a hard drop will soon commence…
Thank goodness for Graddhy’s Uranium picks…