CoFo Lab Market Watch: Tug-of-war

Analysis and Forecasts
2024-04-15 18:14:56

The market liquidated long positions, and the price decline attracted new buyers, but will their strength be enough to return to an uptrend?


Analysis of CoFo Scout Readings


The driver we wrote about before the weekend, the market has nevertheless received. At the moment, the bulls have recouped almost half of the lost ground. However, the pressure from the bears continues to mount.


On the global timeframes, despite the decline, strong short signals remain. Strong short signals have also appeared on the local timeframes. At the same time, strong long signals remain on the medium-term timeframes.


If the strengthening of short signals on the local time frames continues, the bears will try to organise another wave of decline for the market.


In case the local signals once again dominate on the local time frames without weakening the medium-term ones, the bulls will try to restore the uptrend.

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