Reversal needed on Day and breakout needed on Hourly
On the daily chart FCEL price is resting on the bottom of a bullish FVG and on top of a supply zone in the bottom of an upward parallel channel, there is a chance there might be a price reversal due to price position in the parallel channel and in the FVG, but the trader must be cautious of consolidation and fake outs and bearish break outs.
Turning our attention to the hourly, we see price in a descending triangle making lower lows and lower highs if we get a bullish break out or a break out that leads to a change of character/and BOS to an uptrend that may encourage the trader to go long however on the hourly if we get a breakout to the downside with a continuation of lower lows and lower highs that may encourage the trader to go short, as usual the trader must be wary of fake outs and consolidations on both timeframes. Please be so kind to review both charts for key levels.
Turning our attention to the hourly, we see price in a descending triangle making lower lows and lower highs if we get a bullish break out or a break out that leads to a change of character/and BOS to an uptrend that may encourage the trader to go long however on the hourly if we get a breakout to the downside with a continuation of lower lows and lower highs that may encourage the trader to go short, as usual the trader must be wary of fake outs and consolidations on both timeframes. Please be so kind to review both charts for key levels.
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