Context:
price forms a small range between 77500 resistance and with support at 76930
any breakout to the upside should be considered strong and a retest of the upperlimit of the channel is likely (78500)
a breadown OTOH to the downside is a sign of weakness and we might see 75600 again..
Trading opportunities:
Long:
breakout of the reistance level at 77500 + pullback
retracement off the mean at 77210 (sign of strenght)
reversal at support 76930
short:
reversal at resistance 77500
breakdown of support at 76930 + pullback
Signs of strength:
upchannel
support at demandline
Signs Of weakness:
resistance near the 50% retracement
Support:
77210
76930
76000
Resistance:
77500
77600
77900
price forms a small range between 77500 resistance and with support at 76930
any breakout to the upside should be considered strong and a retest of the upperlimit of the channel is likely (78500)
a breadown OTOH to the downside is a sign of weakness and we might see 75600 again..
Trading opportunities:
Long:
breakout of the reistance level at 77500 + pullback
retracement off the mean at 77210 (sign of strenght)
reversal at support 76930
short:
reversal at resistance 77500
breakdown of support at 76930 + pullback
Signs of strength:
upchannel
support at demandline
Signs Of weakness:
resistance near the 50% retracement
Support:
77210
76930
76000
Resistance:
77500
77600
77900
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.
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.