If this support holds, then it confirms the breakout of the triangle by this retest.
Note
Important technicals on the 1HourNote
We see the momentum decreasing to both sides making it a triangle, which comes in handy to see when we can expect the momentum coming in again.Note
We should see at least some response from this support to the upside.If we take out the previous upper support, then we can expect some higher levels soon.
But first, it needs to prove itself.
Note
I'm looking for some confirmation from this point. If it doesn't bounce up from this support around 8300, then I'm looking for a test of a critical support around the 8200.
If it breaks below 8200, then I'm looking for some more downwards movements.
However, if we break up here inside the triangle with enough momentum, then we could see a retest of the 50EMA on the 1hour at around ~8460.
Note
Buy the support zones or on the breakout point outside the triangle
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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.