To start, the overall sentiment of the market is bullish. Narrowing down to 8H and 4H timeframes, it can be inferred that a nice uptrending channel has been formed and the price has rejected the lower boundary of it. The previous H4 candle has penetrated through a local zone of previous support turned resistance and closed above it. It is now expected that the price will re-test the same area again and complete the formation of an Inverse Head and Shoulders pattern. From there on, we will be aiming towards opening BUY positions and targeting the 115.8 area of the upper boundary of the formed ascending channel.
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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.