We have a rising wedge in an uptrend which signals a reversal. We are also seeing a bearish divergence on the Stochastic(14,3,3).
16.00 to 17.00 is a good range to go long when price hits that area, but we will need confirmation.
Why? Just below is a trendline that has four (4) touches already, so we want to be sure the momentum is with the bulls before going long.
If price hits our buy zone 16.00-17.00 and stochastic is leaving OverSold, that gives us extra confidence to go long. Of course, you would want
to have more than one confirmation.
Alerts set. Now we wait.