The market bounced from the 200.00 resistance level and dropped to Tenkan line of Ichimoku indicator. We have a price reversal from this line at it's a buy signal. DMI confirms trend market conditions and allows trading. We could buy above 196.00 level, but 200.00 resistance level is near our entry. This resistance can stop the possible upward movement. That's why we should wait when the market can break this resistance level and give us additional confirmation for the upward movement. So, long trades should be opened based on a breakout signal above 200.00 level. Stop orders for these trades must be placed below 180.00 level. Profit target should be at 220.00 resistance level. Other variant for price movement. If the market can't pass trough 200.00 level, probably we'll see a downward movement. New buying levels can be near the uptrend line, Kijun line, the kumo. Don't forget to get a confirmed reversal signal before opening long trades.
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💰COPY MY TRADES FOR FREE! Join 👉 bit.ly/41DKDBD
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💎 Share My BEST Trades here 👉 bit.ly/wubits
📣 Get Welcome Bonuses for 1st Trade 👉 bit.ly/bonus_bybit
💎 Share My BEST Trades here 👉 bit.ly/wubits
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.