The market appears to be forming a potential head & shoulders setup as resistance were slightly broken out.
However, we could be seeing some consolidated movements within the zone before the potential upside movement, therefore, it would be best to wait for further confirmations
Key Factors:
-Potential Head & Shoulders
-Bullish break and strong bullish momentum shift as price breaks the resistance zone
-Market still requires a break above the trendline and/or a more significant rejection at the support
Entry Conditions:
-Buy when price retests the zone and forms conirmations ; or breaks current resistance and retests the broken out level and forms upside confirmation
-Actively manage trade for the upside swing by trailing stops
Note that setup will be considered invalid if price rejects current resistance and reverses completely to the downside
However, we could be seeing some consolidated movements within the zone before the potential upside movement, therefore, it would be best to wait for further confirmations
Key Factors:
-Potential Head & Shoulders
-Bullish break and strong bullish momentum shift as price breaks the resistance zone
-Market still requires a break above the trendline and/or a more significant rejection at the support
Entry Conditions:
-Buy when price retests the zone and forms conirmations ; or breaks current resistance and retests the broken out level and forms upside confirmation
-Actively manage trade for the upside swing by trailing stops
Note that setup will be considered invalid if price rejects current resistance and reverses completely to the downside
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.
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.