โ Yesterday TOTAL closed above EMA50; support holds.
โ Today, TOTAL broke below EMA50 on high volume; support breaks.
Chart signals
โ EMA50 is a medium-term moving average, which for us means a time duration between 1-3 months.
โ Breaking below EMA50 opens up the possibility for the TOTAL index to drop medium-term, i.e. 1-3 months.
โ A positive signal is the fact that TOTAL is still trading above its 20-March low but this is likely only temporary. Related pairs and markets went on to produce lower lows and some are trading all the way down already; what one does, the rest tends to do the same.
โ The RSI is already way below 50, almost reaching 40.
(Weak RSI confirmed.)
๐ I guess we will be looking at new bullish action within 4-6 months and new highs late 2024 or early to mid-2025.
What's your take?
You can find the targets (support) on the chart.
Namaste.