Angloplat chart shows that price is in long-term decline and we are getting close the COVID low price. Price action has respected the Pitchfork and we see an area where there will be expected to be strong support, the intersection of the Pitchfork support and the horizontal support line. Before we get there we might find a turning point where the lowest price of the COVID low closed.
The blue trendline is the line defining the weekly low, this we know when price close above this line and the 10 week moving average, whereas the green trendline represents the yearly low price.
The blue trendline is the line defining the weekly low, this we know when price close above this line and the 10 week moving average, whereas the green trendline represents the yearly low price.
Comment:
AMS has confirmed a daily cycle without failing, this means price is reversing to the upside enroute to confirm a weekly low.
Trade active:
On the Pitchfork for AMS it is worthwhile to add the 0.382 & 0.618 fib lines, price is currently sitting on the 0.618 but pursuing a DCH, some profit can be harvested here for a gain of about 20%. This can be deployed on confirmation of a daily cycle low.
Comment:
AMS is now in a failed cycle, can hold position pending confirmation a weekly low. The profit harvested can be deployed on that weekly low.