Slight dip below long-term triangular support (solid green) but closes remained above 2500 critical; another example of what seems to be crossover support (see below***).
As a result, daily closed in the red which prevented a continued (triple) candlestick pattern however that was just a short-term scenario.
I still believe a bullish breakout could occur anytime from now until ~3/17. I chose this date based on the intersection of 2550 support (marked tentative but has been critical short-term), as it would create the first location of a 'double' support zone (strengthened zone). Perhaps it's just a theory so we'll see.
*** 'Crossover' support is something I refer to at times during PA. It may be known as something else but this is how I view it:
- There are two contributors to this analysis - a support line and a pattern trendline
- The major support amongst the two is always considered as the 'close' although one could argue trendline will always be major
- If a trendline is below current support, then the support acts as a close and the trendline acts as a low (circle 1)
- If a trendline crosses over (above) prior support, then the trendline acts as a close and the support as a low (circle 2)
- This same concept holds true for resistances as well
Yes these are not 100% accurate and some may not be at all. This is just a general analysis tool. Also, it's worth noting that the time period plays an effect along with the locations of where one marks their trendlines/supports. Overall, don't rely on this method but use it as an aid in determining if a major breakout could occur or where a good buy-in may take place.
As a result, daily closed in the red which prevented a continued (triple) candlestick pattern however that was just a short-term scenario.
I still believe a bullish breakout could occur anytime from now until ~3/17. I chose this date based on the intersection of 2550 support (marked tentative but has been critical short-term), as it would create the first location of a 'double' support zone (strengthened zone). Perhaps it's just a theory so we'll see.
*** 'Crossover' support is something I refer to at times during PA. It may be known as something else but this is how I view it:
- There are two contributors to this analysis - a support line and a pattern trendline
- The major support amongst the two is always considered as the 'close' although one could argue trendline will always be major
- If a trendline is below current support, then the support acts as a close and the trendline acts as a low (circle 1)
- If a trendline crosses over (above) prior support, then the trendline acts as a close and the support as a low (circle 2)
- This same concept holds true for resistances as well
Yes these are not 100% accurate and some may not be at all. This is just a general analysis tool. Also, it's worth noting that the time period plays an effect along with the locations of where one marks their trendlines/supports. Overall, don't rely on this method but use it as an aid in determining if a major breakout could occur or where a good buy-in may take place.
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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.