On the 30 minute chart we see a 7 touch trendline break to the upside. A trendline of 7 touches is very significant and thus a break should not be taken lightly, a serious move may be coming.
The break also occurred on high volume. Additionally, price is now above the SMA 200 and SMA 50, signaling bullish. The moving averages are also getting ready to cross, with the SMA 50 moving above the 200 which again signals bullish.
The indications are strong. A long trade may be a good move here. A trade has been placed with a stop loss placed below the most recent low and a take profit targeting a 1 to 1.5 risk to reward ratio.
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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.