UMW - possible continuation of uptrend
Hi,
This one is self explanatory
We had a resistant at bar 1, which later was broken upward at bar 2 with a strong volume.
Price then slowly retraced back to the horizontal line A. It managed to hold once at the low 3.
Price recently broke below low 3 in a slow low volume pattern, which may indicate a potential spring of the low 3.
Bar 4 was a wide spread up bar with close at the high, and it engulfed the prior 4 bars, indicating demand here. Volume also increased in bar 4 and on the next day.
Bar 4 was also at the uptend line B, which could provide support.
I'm looking forward for price to continue its rally up, at least till the recent major high.
Trade at your own risk, comments are welcomed.
This one is self explanatory
We had a resistant at bar 1, which later was broken upward at bar 2 with a strong volume.
Price then slowly retraced back to the horizontal line A. It managed to hold once at the low 3.
Price recently broke below low 3 in a slow low volume pattern, which may indicate a potential spring of the low 3.
Bar 4 was a wide spread up bar with close at the high, and it engulfed the prior 4 bars, indicating demand here. Volume also increased in bar 4 and on the next day.
Bar 4 was also at the uptend line B, which could provide support.
I'm looking forward for price to continue its rally up, at least till the recent major high.
Trade at your own risk, comments are welcomed.
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