MOVR has been bearish for a while, after breaking below the last orange low. HOWEVER...
We can clearly see that the bearish impulse movements are getting smaller and more flat (red comments).
So from a market structure perspective, this means that the bears / sellers are exhausted. But this is just an early alert that a potential reversal might happen.
It doesn't mean that the bulls are in control just yet.
For the buyers to take over, and the momentum to be shifted from a long-term perspective, MOVR needs to break above the last major high marked in gray around 120.0
Meanwhile, as MOVR is approaching the 50.0 round number, we will be also looking for short-term buy setups on lower timeframes.
Always follow your trading plan regarding entry, risk management, and trade management.
Good Luck!
All Strategies Are Good; If Managed Properly!
~Rich
