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When a pattern breaks out of its touch points it is not unusual to see it revisit the broken support or resistance line before moving further. In this case we could likely see a move up to the 200EMA on the 4H and support of the rising channel now as resistance before moving down again. If we look at the RSI we have a lower low in the oscillator with a higher low in price. This pattern is sometimes referred to as a hidden bullish divergence and might be suggesting this move.
Here are the 1D demand zones
Not trade of financial advice.
When a pattern breaks out of its touch points it is not unusual to see it revisit the broken support or resistance line before moving further. In this case we could likely see a move up to the 200EMA on the 4H and support of the rising channel now as resistance before moving down again. If we look at the RSI we have a lower low in the oscillator with a higher low in price. This pattern is sometimes referred to as a hidden bullish divergence and might be suggesting this move.
Here are the 1D demand zones
Not trade of financial advice.
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.