May. 14 at 4:23 PM
$XERS
@Fujidepro
A very quick glance at the chart and here's what I see:
Short term - neutral, there is slight bearish divergence
Next few weeks - I look at last week as a pivot week; the weekly candle shows what could be a temporary top; if a bearish move were to hit my guess is that it comes next week or the week after. A bullish move would be confirmed with 2 weekly closes above last week's high. Also watch how price reacts to the 20 DMA in the upcoming weeks as it has bounced or hugged the line then come back up each time. A break below means a drop down is coming.
Longs want to see a monthly close
$6.13 to have 2 consecutive green monthly candles. Also want to hold above the April low of
$5.76. Any breach of that and price can drop to the low 5's again fast.
My own personal forecast back a couple of months ago was that we would see low 5's, maybe even high 4's. That was based on that large W I had a macro level. My target month was June or July. Still in the realm of possibility.
