Bullish context: weekly uptrend
Price position: near last weekly trend low
Pattern: four consecutive red days with little upthrust (progression of lows)
It looks like previous weekly consolidation area is providing support, and bears are too exhausted to break through it now.
This provides an opportunity for a long play. An example of possible trade is shown on the chart. It is important that today closes above 138.6, otherwise, setup is invalidated
Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
Price position: near last weekly trend low
Pattern: four consecutive red days with little upthrust (progression of lows)
It looks like previous weekly consolidation area is providing support, and bears are too exhausted to break through it now.
This provides an opportunity for a long play. An example of possible trade is shown on the chart. It is important that today closes above 138.6, otherwise, setup is invalidated
Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
Order cancelled
Day closed below 138.6.
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.
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.