Hammer candle on weekly frame
Updated
1) All time high @ 100.85
2) Range 93.55 to 96 seems to be strong selling zone with small support(acting resistance) range 86.65 to 87.95
3) Strong resistance range 81.42 to 82.55 since all time high in 2016 and breaks the level in 2023
4) Hammer of 4.5% forms in weekly frame taking long position with target of +3 points in coming week
Expectation : - If target of 3 points are achieved, we can expect further movement for range 86.65 to 87.95 range near (acting resistance)
** logic : with target being hit, price also breaks the current resistance, fi momentum persists we can see movement forming another swing so that trend can be formed **
2) Range 93.55 to 96 seems to be strong selling zone with small support(acting resistance) range 86.65 to 87.95
3) Strong resistance range 81.42 to 82.55 since all time high in 2016 and breaks the level in 2023
4) Hammer of 4.5% forms in weekly frame taking long position with target of +3 points in coming week
Expectation : - If target of 3 points are achieved, we can expect further movement for range 86.65 to 87.95 range near (acting resistance)
** logic : with target being hit, price also breaks the current resistance, fi momentum persists we can see movement forming another swing so that trend can be formed **
Trade active
candle failure, price moving down for support level 70.65 to 76.4 can be considered as strong support on monthly basis. Price to test support and retrace. Let's observeTrade active
reversal from monthly support, price on the move towards target, we can sill expect little sideways near 80 to 82 range with target of 83 as of now.not an advise, views are personal only, please DYOR
Trade closed: target reached
price hits target (83.60)
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