If you have seen my two last posts, you may already have noticed that I indicated a potential upward movement near the bottom, due to RSI divergence and candle sticks patterns, and also the possibility of RSI downward trendline breakup. If you did long it at a good place, you may now be very happy! :)
Now, if we look again at the 1H chart, there are some important keys which may be good to consider:
1- The long main trend line in the bottom nicely kept price from going down further.
2- The price and RSI trend line breakup which I was looking for, this time is possibly going to shape!
3- We see an inverse header and shoulder pattern is going to be completed. All we should be waiting for, is a convincing break of the neck line.
4- The RSI divergence pattern which I showed you previously in 30-min chart, also holds in 1-H chart.
All these together suggest me the continuation of the upward movement at least for a couple of hours.
BUT PLEAE BE CAREFUL! This does not imply that the correction path of the last recent days is finished! This is very soon for such conclusion, and in my opinion, the close price of today is very important to have a good picture of the possible movements in the next days.
If you agree with this post, please do not forget to support it with your kindly likes and comments.
Good luck!
Now, if we look again at the 1H chart, there are some important keys which may be good to consider:
1- The long main trend line in the bottom nicely kept price from going down further.
2- The price and RSI trend line breakup which I was looking for, this time is possibly going to shape!
3- We see an inverse header and shoulder pattern is going to be completed. All we should be waiting for, is a convincing break of the neck line.
4- The RSI divergence pattern which I showed you previously in 30-min chart, also holds in 1-H chart.
All these together suggest me the continuation of the upward movement at least for a couple of hours.
BUT PLEAE BE CAREFUL! This does not imply that the correction path of the last recent days is finished! This is very soon for such conclusion, and in my opinion, the close price of today is very important to have a good picture of the possible movements in the next days.
If you agree with this post, please do not forget to support it with your kindly likes and comments.
Good luck!
Trade active:
Another try for breaking the neck line!
The pattern may be still formed with the two shoulders currently having the same bottom.
This is still too soon to open a long! We should still be patient and wait if the neck line can be broken this time or not. We are neutral till that time.
The pattern may be still formed with the two shoulders currently having the same bottom.
This is still too soon to open a long! We should still be patient and wait if the neck line can be broken this time or not. We are neutral till that time.
Trade active:
With successful breaking of the neckline at ~36300, the H&S pattern was confirmed. Now we should wait to see what happens near the 38780 resistance level (see my next post). Then we can decide what to do!
