Critical resistance held in at 2750 to prevent a breakout attempt back to long-term trendline (solid purple).
Note that the correction low touched off the short-term triangular resistance trendline {3/09} however closes remained above 2600. This is a good sign indicating support strength and a potential reversal (versus bearish breakout if triangular resistance did not hold or if we closed under 2600).
My goal with this post is to reiterate the difference between a candle low and a candle close and how they can aid in determining price action. This is not always a perfect analysis but it does provide another good tool when trading short-term. Also be aware that volatility plays a factor in the period to use; the majority of my posts are on H4 but if price is highly volatile I'll make these analyses off H1 and if it's for long-term growth then D1.
Note that the correction low touched off the short-term triangular resistance trendline {3/09} however closes remained above 2600. This is a good sign indicating support strength and a potential reversal (versus bearish breakout if triangular resistance did not hold or if we closed under 2600).
My goal with this post is to reiterate the difference between a candle low and a candle close and how they can aid in determining price action. This is not always a perfect analysis but it does provide another good tool when trading short-term. Also be aware that volatility plays a factor in the period to use; the majority of my posts are on H4 but if price is highly volatile I'll make these analyses off H1 and if it's for long-term growth then D1.
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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.
Related publications
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.