Tapestry - challenging MA200 right now
Sign of Reversal to bullish trend
- Candlesticks challenging MA200 , possible to stay above it
- If we take a look at ichimoku indicator, candlesticks moving above cloud & lagging span moving above candle sticks (Signs of bullish trend)
-Retracement line R3 retrace approximately 0.78fib of Line C, stronger than R2 retracement 0.6fib
-Downtrend line c which form Lower low (LL3) has smaller magnitude but higher downtrend momentum (mixed)
Bulk of the traded volume for past 650 days is between 27 to 34. Serving as a support area.[Boxed]
If candlesticks fail to stay above MA200, look for support within ichimoku cloud [green boxed area]. Wait for reversal pattern such as double bottom , follow with high trading (vertical green) volume to signify support.
- Candlesticks challenging MA200 , possible to stay above it
- If we take a look at ichimoku indicator, candlesticks moving above cloud & lagging span moving above candle sticks (Signs of bullish trend)
-Retracement line R3 retrace approximately 0.78fib of Line C, stronger than R2 retracement 0.6fib
-Downtrend line c which form Lower low (LL3) has smaller magnitude but higher downtrend momentum (mixed)
Bulk of the traded volume for past 650 days is between 27 to 34. Serving as a support area.[Boxed]
If candlesticks fail to stay above MA200, look for support within ichimoku cloud [green boxed area]. Wait for reversal pattern such as double bottom , follow with high trading (vertical green) volume to signify support.
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