This is a textbook play - head and shoulders. Upon the break from the neck line, we can see a massive rise. However, the first major resistance is actually very close to the $173. I've highlighted all the major resistance zones according to the chart and FIB.
Not a time to open a trade just yet, need to wait for it to pass $162 and stay there for a day
Not a time to open a trade just yet, need to wait for it to pass $162 and stay there for a day
Note
Trade active
Very oversold, take a break here, and sell off a little, because it will come back down to $180Note
TP 1 achieved, Tp 2 now in sight
Note
$220 - $207 is the current local resistance. Highlighted in ORANGE. It will trade between this and the first TP1 zone for a bit. It will be hard to beat this orange zone. But past this it will rise straight to $250Note
RED ALERT: There is a very nasty shooting star candle forming in the image above. That is the daily chart. This is a BEARISH sign.
Note
Like I said earlier, there was a bearish sign, and that's what happened. Now we are aiming for the support from $162-$173Note
We are so close to re entering the trade with this triangle set up.It hasn't broken out yet, but when it does within the next hour or two, we will re enter if it goes up
Note
DANGER!WE ARE VERY CLOSE TO GOING BELOW THE NECKLINE. THIS COULD TRIGGER A BEARISH MOVEMENT TO $129 IF IT BREAKS AND GOES LOWER.
Note
We must clear this resistance to become bullish againTrade closed manually
Failed below safe line. $130-$146 possible
Related publications
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.
Related publications
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.