Following last week’s price action, a bounce is likely. How far can any bounce be expected to go?
Last week’s action might have created a base in the stock market that might be able to launch a quick move up starting this week.
Is any bounce likely to create a new dependable uptrend though?
The market still will need to move above the 200 and 50 day moving averages to return to a more bullish mode.
Before the market can challenge the moving averages it will need to move above and close above the downtrend line as shown in this video.
You can view the video here:
https://youtu.be/BwNAB0w6f5Q
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Comments are always welcome.
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