https://www.tradingview.com/x/CEHnIPWy/
After K2 close below the uptrend line and tested the ice line,
K3 failed to break up or close below K2.
It seems that the bear force is losing its control to the market.
A consolidation is likely on the way.
The following candles will price up or price down to test the resistance or the support.
If the following candles close upon the ice line,
It is likely that the previous month scale bull market will regain its strength.
If the following candles close below the 0.5fib line,
It is likely that the present downtrend will keep expanding.
After K2 close below the uptrend line and tested the ice line,
K3 failed to break up or close below K2.
It seems that the bear force is losing its control to the market.
A consolidation is likely on the way.
The following candles will price up or price down to test the resistance or the support.
If the following candles close upon the ice line,
It is likely that the previous month scale bull market will regain its strength.
If the following candles close below the 0.5fib line,
It is likely that the present downtrend will keep expanding.
Note
From K1 to K3,
It is a strong bearish three soldiers advancing pattern.
And K3 close below the uptrend line with an increasing supply pressure.
It seems that the following candles will keep falling to test the 0.5fib line or even close below the line.
If the bear fore want to take the chance to expand,
The following candles must create a lower low and even close below K3.
On the other hand,
The heavy supply pressure failed to take the price obviously close below the uptrend line.
If the bull force take the chance to return back upon the uptrend line,
It is still possible that another bull run starts here.
Note
K3 tested the uptrend line,
The demands keep decreasing,
It seems that the following candles will keep falling to test the demands at the lower price area of K1 or 0.5fib line.
Note
K3 is a overselling candle,
It touched the demand line of the downtrend channel.
And also, it touched the 0.5fib line of the long-term uptrend.
I bought at K3, average price of NVDL at about 50.6USD.
I am expecting a rebound after K3.
If the following candles keep falling to test the 100USD area or the uptrend line,
It is still valuable to buy in.
Buy-103.73/Target-109/Stop-103
Note
The demand at K3 keep decreasing,
So, it is likely that a consolidation is on the way.
If the following candles test the lower price area of K3(at about 100USD),
It will be valuable to buy it there.
Note
K3 is approaching to the neck line of the double top bear market.
The supply pressure is too high,
And K3 failed to close upon the resistance.
So, it is a potential good place to short it here.
If I bought it earlier,
I will get out of the market here.
Note
K2 and K3 is a strong bearish engulfing pattern.
But unfortunately, the demands are too high.
If the bear market want to keep expanding,
It must be verified by the following candles.
I will try to establish long-term positions if the following candles fall to test the lower limit of the channel or uptrend line.
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.