Will BLOOM create a fire exit this week?

Weekly: The weak bullish signal we saw on previous weeks has gone as bears was able to control the battlefield. The Tenkan Sen / Kijun Sen Cross this week signaled a strong bearish sentiment. This is considered strong because the cross happened below the Kumo or cloud. The 9.5 level may act as immediate support on our weekly chart but I think 9.0 is a much stronger support.

Daily: A technical bounce may happen based on the japanese candlestick (hammer + long green candlestick) but bulls may not stay for long unless it will rally up to 10.50 or above.

RSI or Relative Strength Index might be pointing up suggesting a buying activity is still going to happen but this might be overwhelmed by the sellers who wants to get out of BLOOM. I think any spike is an opportunity to lighten or get out.


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