ASX:INR TO REGAIN LT UPTREND?
Watching INR closely after recent bullish fundamental news regarding Ford Binding Offtake Agreement.
I have charted key levels of support and resistance as well as added in long-term and short-term trends.
Direction 1: Recently validating short-term uptrend and testing current daily resistance zone IF momentum continues it could regain long-term uptrend and eventually breach current daily resistance.
Direction 2: Short-term uptrend eventually breaks due to lack of bullish momentum and a selloff but manages to maintain support, eventually regaining long-term uptrend for a slower and more stable rally as it targets upper band downtrend resistance and ath resistance.
Direction 3: Short-term uptrend fails and price fails to regain long-term uptrend due to selloff, price manages to hold and validate daily support and moves sideways developing a short-term range.
Direction 4: Short-term trend fails and daily support fails, selloff increases and price moves back to the former low territory to find and validate a level of support.
Indicator RSI: Currently trending above the 50 midway mark and in Bullish territory. I will be watching closely to see which way momentum swings and see if it fails the current uptrend.
"DISCLAIMER: NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation."
I have charted key levels of support and resistance as well as added in long-term and short-term trends.
Direction 1: Recently validating short-term uptrend and testing current daily resistance zone IF momentum continues it could regain long-term uptrend and eventually breach current daily resistance.
Direction 2: Short-term uptrend eventually breaks due to lack of bullish momentum and a selloff but manages to maintain support, eventually regaining long-term uptrend for a slower and more stable rally as it targets upper band downtrend resistance and ath resistance.
Direction 3: Short-term uptrend fails and price fails to regain long-term uptrend due to selloff, price manages to hold and validate daily support and moves sideways developing a short-term range.
Direction 4: Short-term trend fails and daily support fails, selloff increases and price moves back to the former low territory to find and validate a level of support.
Indicator RSI: Currently trending above the 50 midway mark and in Bullish territory. I will be watching closely to see which way momentum swings and see if it fails the current uptrend.
"DISCLAIMER: NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation."
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.