After a sign of weakness (selling into the large up candle) at the supply zone, price has reached the zone again on low volume.
Watching price action for a reversal or break on high volume above the supply zone.
Watching price action for a reversal or break on high volume above the supply zone.
Note
demand overcame the supply and price broke through the former highs making a new high. This happened on high volume and momentum. Waiting for a test of demand at the former supply level for a possible good entry for a long position.Note
chart updateprntscr.com/heqf77
Note
chart updateprntscr.com/her7v5
safe to say, we didn't see a test after the break/rally :-)
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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.