Prior patterns point to the current price as enough support to move back up. A rejection at 51 could bring us out of the upward channel down around 43.5-44 as we enter September. This seems correlate with other ideas here as well.
Not financial advise. If we fall out of the current upward channel, then I will be exiting a few positions to reduce my exposure to further downside. At this point I don't believe this risk to be significant but you never know.
Not financial advise. If we fall out of the current upward channel, then I will be exiting a few positions to reduce my exposure to further downside. At this point I don't believe this risk to be significant but you never know.
Note
Note
Although we have bounced here, it is likely that we will re-test this area of support and upward channel before moving up (or down, which is very unlikely). I'm moving my boxes out in the future but the relative location is the same.Note
Now that we have bounced, there is a risk that we get rejected at 50k and head lower. If we clear 50, then holding that will be the challenge. Either way, most sentiment right now is a rejection and re-test of our lower support area.Note
Not so fast! Back in the box we go.
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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.