TECHNICAL ANALYSIS:
-At the end of June, the market started a quick uptrend getting quickly close to an important weekly resistance. The price was oversold and once it broke the EMA 50, it rested that, moving up with a strong uptrend.
- Once the price got so close to the resistance zone, a candle with a small body and long shadow was definitely a sing of weakness, in fact the market inverted the trend, falling down, retesting our previous strong resistance zone, actually a new support.
The price then continued a clear and long uptrend.
-The price finally reached an important weekly resistance zone and at the same time it reached the superior resistance of the trend, closing the last day with a weak downbar.
CONCLUSION:
Few day ago the market was moving up with high volatility, but actually is not that strong as before.
There are so many aspects that let me think the price will fall down soon: it reached the top of the trend, it reached an important resistance, in h4 time frame the price is going to break the ema 50, so I'll probably entry short if a new downbar will confirm the inversion of the market.
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Trade Safe,
Gianni
-At the end of June, the market started a quick uptrend getting quickly close to an important weekly resistance. The price was oversold and once it broke the EMA 50, it rested that, moving up with a strong uptrend.
- Once the price got so close to the resistance zone, a candle with a small body and long shadow was definitely a sing of weakness, in fact the market inverted the trend, falling down, retesting our previous strong resistance zone, actually a new support.
The price then continued a clear and long uptrend.
-The price finally reached an important weekly resistance zone and at the same time it reached the superior resistance of the trend, closing the last day with a weak downbar.
CONCLUSION:
Few day ago the market was moving up with high volatility, but actually is not that strong as before.
There are so many aspects that let me think the price will fall down soon: it reached the top of the trend, it reached an important resistance, in h4 time frame the price is going to break the ema 50, so I'll probably entry short if a new downbar will confirm the inversion of the market.
If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!
Trade Safe,
Gianni
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.