H4 : Last candle closed slightly up, above the top of the downtrend channel line and also above Mid Bollinger Band (46091). Nevertheless, this breakout, for the time being looks very fragile and we need to wait the next H4 closing for confirmation. Indeed, an upside breakout confirmation would then open the door for 47550 which is the level of Kijun-Sen in H4. On the opposite, a failure to hold above the top of the downtrend channel, would, again put the focus on lower level with Tenkan-Sen as a first support (45298). Global picture remains heavy as we are still under the clouds. Watch H1 for clues
Comment
H4 : Doji (uncertainty) before the last long white candle (bullish) which closed above Kijun-Sen @ 47550 for the first time since Feb 23th may change the outlook for the coming hours. Nevertheless, before to totally change the view from bearish to bullish, I would strongly suggest to wait for another H4 closing as a confirmation. Indeed, a quick extension towards the 38.2% Fib ret @ 48878 could be seen in this dynamic recovery. Watch H1 and M15 for intermediate validation or invalidation.
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.