Looking at the DAILY picture, we can see a TRIANGLE PATTERN IN PROGRESS, with the breakout levels, currently and respectively :
@ 41'320 on the upside
and
@ 39'574 on the downside
IMPLICATIONS ON A DAILY BASIS CLOSING LEVEL :
upside breakout : TARGET @ 43'659 (currently the Mid Bollinger Band and the Kijun-Sen)
downside breakout out : TARGET @ 37'235 (currently, roughly the ongoing weekly uptrend support line, starting @ 32'950, low reached in January.
RSI, below 50, @ 41.44
LAGGING LINE attempting to hold above both KS and TS
Continue to monitor closely price action and especially, WATCH THE CLOUDS !!!
4 HOURS (H4)
Caught in a relatively narrow trading range which confirm growing uncertainty about further development.
Currently attempting to upside breakout the Kijun-Sen with difficulty... successive small candles !!!
RSI also below 50, @ 46.23
LAGGING LINE far below the clouds and still below both TS and KS
Last but not least the 4 hours clouds resistance area is very thick (41'468-23'338) which means very strong resistance zone which should be broken to really confirm a reversal.
1 HOUR (H1)
Currently attempting to breakout the clouds to the upside without great success for the time being...
On this hourly time frame, watch the clouds too (40'255 - 40'570) as a sustainable breakout of one of those levels would give the direction for further short term price action.
Do you like my analysis ? ifYES, please do not forget :
1) to like it
2) to add Ironman8848 on your following list (if it is not done yet :-)
Have a great long weekend and have fun
All the best
Take care
IRONMAN8848 - Jean-Pierre Burki
@ 41'320 on the upside
and
@ 39'574 on the downside
IMPLICATIONS ON A DAILY BASIS CLOSING LEVEL :
upside breakout : TARGET @ 43'659 (currently the Mid Bollinger Band and the Kijun-Sen)
downside breakout out : TARGET @ 37'235 (currently, roughly the ongoing weekly uptrend support line, starting @ 32'950, low reached in January.
RSI, below 50, @ 41.44
LAGGING LINE attempting to hold above both KS and TS
Continue to monitor closely price action and especially, WATCH THE CLOUDS !!!
4 HOURS (H4)
Caught in a relatively narrow trading range which confirm growing uncertainty about further development.
Currently attempting to upside breakout the Kijun-Sen with difficulty... successive small candles !!!
RSI also below 50, @ 46.23
LAGGING LINE far below the clouds and still below both TS and KS
Last but not least the 4 hours clouds resistance area is very thick (41'468-23'338) which means very strong resistance zone which should be broken to really confirm a reversal.
1 HOUR (H1)
Currently attempting to breakout the clouds to the upside without great success for the time being...
On this hourly time frame, watch the clouds too (40'255 - 40'570) as a sustainable breakout of one of those levels would give the direction for further short term price action.
Do you like my analysis ? ifYES, please do not forget :
1) to like it
2) to add Ironman8848 on your following list (if it is not done yet :-)
Have a great long weekend and have fun
All the best
Take care
IRONMAN8848 - Jean-Pierre Burki
Note
Typo mistake in 4 hours, please read 43'338 instead of 23'338 written by mistake.my appologies
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Related publications
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.