A new buying opportunity here as ADX has nearly fallen back to its mid term support at 8000. As we come to the apex of a near term falling wedge, and over a longer period two upper trendline resistances squeezing the price against the support, we are likely to see an upward move in response presuming support holds strong. Divergences are already apparent or are starting to develop on a number of indicators signalling a possible trend change.
While volume is substantially lower than historically, the OBV and Volume Oscillator are also showing signs of growing strength.
If support can come in to break the wedge potential fib/previous resistance targets are at 16500 and 23000.
On the above chart we are seeing the bollinger bands squeeze and start to come inside the Keltner Channels indicating an upcoming break out (which could be up or down). Looking for the MACD to recross upwards and confirm bullish divergence.
Longer term view:
Failing support, longer term ATL is at 5500. Stop loss suggested at 7500.
While volume is substantially lower than historically, the OBV and Volume Oscillator are also showing signs of growing strength.
If support can come in to break the wedge potential fib/previous resistance targets are at 16500 and 23000.
On the above chart we are seeing the bollinger bands squeeze and start to come inside the Keltner Channels indicating an upcoming break out (which could be up or down). Looking for the MACD to recross upwards and confirm bullish divergence.
Longer term view:
Failing support, longer term ATL is at 5500. Stop loss suggested at 7500.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Endless learning
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.