Strong Support and Breakout Retest Suggest Bullish Continuation
In the daily chart, it’s unlikely the price will drop, as strong support was found at 220 from April to October. The current state is a breakout retest of the major resistance at 615.
On the 4-hour chart, the price has been ranging for two weeks, with 602 acting as new support. A strong bearish wick appeared on October 7 at 1pm, but high volume has not yet confirmed it.
On the 1-hour chart, from 670, the price did not return to the value zone quickly (as candles shows some hesistation), indicating some buying interest between 604 and 630, suggesting buying pressure. A bearish wick with high volume appeared at 4pm, suggesting that greater demand level is around 600 than 610.
Consider entering a long trade around 600, with a take-profit target at 640
On the 4-hour chart, the price has been ranging for two weeks, with 602 acting as new support. A strong bearish wick appeared on October 7 at 1pm, but high volume has not yet confirmed it.
On the 1-hour chart, from 670, the price did not return to the value zone quickly (as candles shows some hesistation), indicating some buying interest between 604 and 630, suggesting buying pressure. A bearish wick with high volume appeared at 4pm, suggesting that greater demand level is around 600 than 610.
Consider entering a long trade around 600, with a take-profit target at 640
Comment
5m chart shows buy volume decreased, but buy volume spiked at 630Comment
price currently finding its new support.
long entry at 600 if strong bullish wick and high volume confirmed
Comment
640 reached.
but still can hold till 650 since high buy pressure exists. From Oct8 6am, price at 15m consolidates slightly upward with high buy volume and fail to push down 624.
Note, a break over 672 can potentially happen today as we view an uptrend exists from Oct 3 on 4h chart.
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