On the daily timeframe, we can see a triangle formation. The upper line starts at the resistance line. We are waiting for the price to exit the triangle, and make an impulsive or a motive move in either direction. On the longer timeframe, we don’t see any clear signs in which direction the price is likely to take off after the initial breakout. Waiting for the breakout and a confirmation of the move, before taking any positions.
On the four-hour chart, we do not see any possible move, that we would trade. The bounces from the upper and the lower line of the triangle have become rather unclear, as the price is approaching the triangle tip, the zone at which it should break out.
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We wish you good luck with your trading!
On the four-hour chart, we do not see any possible move, that we would trade. The bounces from the upper and the lower line of the triangle have become rather unclear, as the price is approaching the triangle tip, the zone at which it should break out.
Feel free to grab a copy of our Free Weekly Market Outlook here:
mailchi.mp/bc78576d6...eweeklymarketoutlook
We wish you good luck with your trading!