Main items we can see on the chart
a) The price is on an ascending Wedge
b) Currently, we can observe a clear corrective Structure (Yellow lines)
c) The next resistance zone we have is a weekly one (light blue rectangle)
d) Based on the technical elements we have our conclusion is: If the price breaks above the corrective Structure, that will give us a high-quality scenario for long trades towards the next resistance zone
e) The Risk-Reward Ratio of this trade is 1 : 2
f) We will move our stop to break even at 6200.00
WEEKLY CHART: (Understanding why we choose that target)
a) The price is on an ascending Wedge
b) Currently, we can observe a clear corrective Structure (Yellow lines)
c) The next resistance zone we have is a weekly one (light blue rectangle)
d) Based on the technical elements we have our conclusion is: If the price breaks above the corrective Structure, that will give us a high-quality scenario for long trades towards the next resistance zone
e) The Risk-Reward Ratio of this trade is 1 : 2
f) We will move our stop to break even at 6200.00
WEEKLY CHART: (Understanding why we choose that target)
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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.
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.