I have been waiting on the sidelines over the last 48 hours waiting for further confirmation before re entering. Last night I expected a small pullback from $9,300 - $9,000. I wanted to see the price hold above that level of support before looking to build a long position.
Instead it gained support at $9,150 and formed a bull flag, which is currently uncompleted. Resistance came in at $9,375 and that pushed us down for a $9,150 retest. It was bearish that we couldn’t complete the flag, however the push back does not seem to have much steam at all. .
The hammer doji that just closed should give the momentum back to the bulls. From here I expect the price to grind upwards for a $9,650 retest. It still feels too choppy to build a position. I will continue to sit on my hands and wait for a cleaner entry. If not currently in a position the I would recommend doing the same.
Happy trading and remember that following is free!
Instead it gained support at $9,150 and formed a bull flag, which is currently uncompleted. Resistance came in at $9,375 and that pushed us down for a $9,150 retest. It was bearish that we couldn’t complete the flag, however the push back does not seem to have much steam at all. .
The hammer doji that just closed should give the momentum back to the bulls. From here I expect the price to grind upwards for a $9,650 retest. It still feels too choppy to build a position. I will continue to sit on my hands and wait for a cleaner entry. If not currently in a position the I would recommend doing the same.
Happy trading and remember that following is free!
Comment:
Watch for support from the 50 day SMA above $9,140. If that breaks down then it would confirm the h&s.
Comment:
Forgot to include that the h&s is on the 2h chart.
Comment:
We just saw a nice rebound off $8,900 support, but there is no need to get too excited just yet. Let's wait and see if $9,100 - $9,200 turns into resistance.
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