Lux is going for a max #Superchartz
Updated
Key Levels:
Support: 2490 to1510
Resistance: 1605 to 1630
Major hurdle: 200 EMA should cross and close above.
Significance of the 200-day Exponential Moving Average (EMA):
1. **Trend Identifier**: The 200 EMA helps traders identify the overall trend of a financial instrument - above it indicates a bullish trend, and below it signals a bearish trend.
2. **Key Support and Resistance**: It acts as a significant level of support (above the EMA) and resistance (below the EMA), attracting buying or selling interest at that level.
3. **Market Psychology**: Due to its popularity among traders, the 200 EMA influences market sentiment, making it more likely to impact price movements.
4. **Confirmation Tool**: Traders use the 200 EMA alongside other indicators to confirm potential reversals or trend continuations, enhancing its reliability.
Remember, while the 200 EMA is a valuable tool, it should be combined with other analysis and risk management strategies for more informed trading decisions.
Support: 2490 to1510
Resistance: 1605 to 1630
Major hurdle: 200 EMA should cross and close above.
Significance of the 200-day Exponential Moving Average (EMA):
1. **Trend Identifier**: The 200 EMA helps traders identify the overall trend of a financial instrument - above it indicates a bullish trend, and below it signals a bearish trend.
2. **Key Support and Resistance**: It acts as a significant level of support (above the EMA) and resistance (below the EMA), attracting buying or selling interest at that level.
3. **Market Psychology**: Due to its popularity among traders, the 200 EMA influences market sentiment, making it more likely to impact price movements.
4. **Confirmation Tool**: Traders use the 200 EMA alongside other indicators to confirm potential reversals or trend continuations, enhancing its reliability.
Remember, while the 200 EMA is a valuable tool, it should be combined with other analysis and risk management strategies for more informed trading decisions.
Trade closed: target reached
Target AchievedTrade active
New Levels are active now
Regards
SuperChartz
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SuperChartz
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youtube.com/@SuperChart
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