Forex Trend Analysis Report
Prepared for you on Friday, December 8, 2023.
Bulgarian Lev/Chinese Yuan Renminbi (FOREX:BGNCNY)
Long-Term Downtrend (-90) - BGNCNY is in a strong downtrend that is likely to continue. While BGNCNY is showing intraday strength, it remains in the confines of a bearish trend. Traders should use caution and set stops.
Is it time to buy, sell, or avoid BGNCNY?
MarketClub looks at technical strength and momentum to determine if the timing is right for BGNCNY.
Learn more about the Trade Triangles and how we make technical analysis as easy as buy and sell.
MarketClub’s Trade Triangles for BGNCNY
The long-term trend has been DOWN since Sep 26th, 2023 at 3.8777482
The intermediate-term trend has been DOWN since Dec 5th, 2023 at 3.9144128
The short-term trend has been DOWN since Nov 30th, 2023 at 3.9552613
Smart Scan Analysis for BGNCNY
Based on our trend formula, BGNCNY is rated as a -90 on a scale from -100 (Strong Downtrend) to +100 (Strong Uptrend).