EJ long setup
Updated
There was a break of the major bear trend line on the EJ weekly chart several weeks ago. So far there has been strong up trend and now 2 attempts to reverse down. The 240m has formed a channel which is likely to retest the 121 level. Buying the low of the channel may lead to a good entry into a 2nd leg up in the weekly trend. At minimum, target the top of the channel for a retest around 123. If the 121 fails there is likely to be a test much further down to the 119.
Note
Price should test the top of the channel where a breakout is possible due to buying pressure on the weekly chart. Minimum target for the current trade is 123. stops 121.72Trade closed: target reached
I expect further upside above the trend channel line. There were 2 solid legs up inside the trading range and the weekly chart has triggered a 2nd attempt to make a new high.
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.