SENDAI - Analysis on potential of price movement
Updated
Y wave, target (E) within stipulated range.
The price is at 0.520, showing consolidation near a potential minor resistance zone after a short-term bullish reversal from the turning point (D).
The price has crossed Tenkan-Sen and Kijun-Sen but needs to stay above both lines to confirm continued upward momentum.
A possible entry can be considered if the price manages to break above 0.525 with strong volume, confirming a continuation of the bullish reversal. Ensure to wait for a clear break and close above this level. Watch for increasing volume and momentum as the price approaches the 0.525 level. Failure to break this level could lead to further consolidation or a potential pullback to the support at 0.500.
In summary, the market has the potential for a bullish continuation if it stays above 0.525, targeting the 0.595 and 0.610 levels. However, close attention to volume and price action is essential to confirm the move.
R1 - 0.525
R2 - 0.540 (Senkou-Span B)
R3 - 0.570 (C)
S1 - 0.500
S2 - 0.425
Note:
1. Analysis for education purposes only.
2. Trade at your own risk.
The price is at 0.520, showing consolidation near a potential minor resistance zone after a short-term bullish reversal from the turning point (D).
The price has crossed Tenkan-Sen and Kijun-Sen but needs to stay above both lines to confirm continued upward momentum.
A possible entry can be considered if the price manages to break above 0.525 with strong volume, confirming a continuation of the bullish reversal. Ensure to wait for a clear break and close above this level. Watch for increasing volume and momentum as the price approaches the 0.525 level. Failure to break this level could lead to further consolidation or a potential pullback to the support at 0.500.
In summary, the market has the potential for a bullish continuation if it stays above 0.525, targeting the 0.595 and 0.610 levels. However, close attention to volume and price action is essential to confirm the move.
R1 - 0.525
R2 - 0.540 (Senkou-Span B)
R3 - 0.570 (C)
S1 - 0.500
S2 - 0.425
Note:
1. Analysis for education purposes only.
2. Trade at your own risk.
Trade closed: target reached
Reached target
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