HAIN - Ascending Triangle with price leaning against 20 MA
I. Analysis
1. Since beg May the price has been testing resistance area drawn and bouncing back but making HL
2. Once price tests the resistance area, selling pressure should be able to drive to at least to the previous support. Instead, buying pressure is stepping in at increasingly higher levels, suggesting a breakout may be following
3. In addition to the above, price is leaning against the 20 MA almost as if it was trapped
4. Value zone here is either the slopping trendline or the 20 MA
II. Trade
1. Wait for a bullish candle formed at this area to enter the trade or wait for a breakout of the resistance are
2. SL 1 ATR below slopping trendline / 20 MA
3. TP next swing high
4. For a more conservative trade, wait for a breakout and retracement to the resistance area rendered support
Plsd to hear yr comments.
Cheers
Ruben
1. Since beg May the price has been testing resistance area drawn and bouncing back but making HL
2. Once price tests the resistance area, selling pressure should be able to drive to at least to the previous support. Instead, buying pressure is stepping in at increasingly higher levels, suggesting a breakout may be following
3. In addition to the above, price is leaning against the 20 MA almost as if it was trapped
4. Value zone here is either the slopping trendline or the 20 MA
II. Trade
1. Wait for a bullish candle formed at this area to enter the trade or wait for a breakout of the resistance are
2. SL 1 ATR below slopping trendline / 20 MA
3. TP next swing high
4. For a more conservative trade, wait for a breakout and retracement to the resistance area rendered support
Plsd to hear yr comments.
Cheers
Ruben
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