The market appears choppy and has been in a ranging phase for two consecutive weeks.
However, resistance at 1.421 price level has been retested several times, which could cause said resistance to get weak.
As such, a bullish breakout potential is possible
Key Factors
-Price has created a potential Bull Flag Setup
-Bullish breakout at Trendline and Resistance
-Price retested resistance several times but did not completely break on prior attempts
-Likely to continue upside movements towards 1.272 extension (1.427)
Entry Conditions:
-Buy when price retests previously broken out resistance ~ current support with a valid directional confirmation from candlesticks pattern
-0.382 critical for final buying level
-Sell when rejections at resistance near the 1.421 price level occurs with a reversal pattern
However, resistance at 1.421 price level has been retested several times, which could cause said resistance to get weak.
As such, a bullish breakout potential is possible
Key Factors
-Price has created a potential Bull Flag Setup
-Bullish breakout at Trendline and Resistance
-Price retested resistance several times but did not completely break on prior attempts
-Likely to continue upside movements towards 1.272 extension (1.427)
Entry Conditions:
-Buy when price retests previously broken out resistance ~ current support with a valid directional confirmation from candlesticks pattern
-0.382 critical for final buying level
-Sell when rejections at resistance near the 1.421 price level occurs with a reversal pattern
Note
Switching to short term sell towards 0.5 Fib to 0.618 Fib
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.