Two scenarios for reactions to TL and resistance
Updated
two scenarios:
1. Bearish: testing 147.90 and back to bottom of the thick magenta channel.
pressures of long term TL (magenta), resistance, smaller timeframe TL (purple).
2. Bullish: pass the resistance line. aiming 150.10
1. Bearish: testing 147.90 and back to bottom of the thick magenta channel.
pressures of long term TL (magenta), resistance, smaller timeframe TL (purple).
2. Bullish: pass the resistance line. aiming 150.10
Note
Bearish scenario is in place at the moment. to be bullish, price had to pass resistance at 147.91, long term trendline (magenta) and smaller descending channel upper trendline (purple).Note
target 1: 145.04target 2: 140.60
Trade closed: target reached
both targets reached
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