Hi,
So this is my first ever analysis that I publish. In de past weeks I have been trying to learn by reading as much as I can and by looking at analyses here on TV in my spare time. I would like to have some feedback on this chart I made. Am I using indicators correctly? Am I interpeting signals right?
What I did here
- RSI: RSI is below 30 so the commodity is oversold, which indicates a bullish signal.
- MACD: MACD-line is below signal line which gives us a bearish signal, although they seem to be approaching each other.
- FIB: Fibonacci retracement shows that it has his the .681 level which used to be a solid resistance zone that could be turning into a new support or upward retracement, after the bears managed to break support at the .236 level.
Would love to hear what you guys think!
So this is my first ever analysis that I publish. In de past weeks I have been trying to learn by reading as much as I can and by looking at analyses here on TV in my spare time. I would like to have some feedback on this chart I made. Am I using indicators correctly? Am I interpeting signals right?
What I did here
- RSI: RSI is below 30 so the commodity is oversold, which indicates a bullish signal.
- MACD: MACD-line is below signal line which gives us a bearish signal, although they seem to be approaching each other.
- FIB: Fibonacci retracement shows that it has his the .681 level which used to be a solid resistance zone that could be turning into a new support or upward retracement, after the bears managed to break support at the .236 level.
Would love to hear what you guys think!