Traditional Analysis (Left chart)
Price is stuck at the strong S/R level 7664, and Fib Ret 50%. Most indicators shows some bullish. Bulls day-traders may consider price is running inside channel.
Ichimoku Analysis (Right chart)
Please note parameter changed into 6,12,24,26 for 1H chart.
The four candlesticks come out from the red clooud, and their supports are at 7508. The projected green cloud inclining upwards, and it is a good sign for bulls.
As the chinkou span runs pretty flat because of the behaviours of those four candlesticks, but it is above price. Tenkan-sen & Kijun-sen crossover at 6500 with a good bullish swing candlestick pattern.
We found support at the bottom of previous chinkou span hook and the base of the projected green cloud where the red dotted line shows. Bulls may consider this is the stop loss level. The target will hit the blue dotted line which is the base of the previous green cloud. Risk:Reward is almost 1:1
Price is stuck at the strong S/R level 7664, and Fib Ret 50%. Most indicators shows some bullish. Bulls day-traders may consider price is running inside channel.
Ichimoku Analysis (Right chart)
Please note parameter changed into 6,12,24,26 for 1H chart.
The four candlesticks come out from the red clooud, and their supports are at 7508. The projected green cloud inclining upwards, and it is a good sign for bulls.
As the chinkou span runs pretty flat because of the behaviours of those four candlesticks, but it is above price. Tenkan-sen & Kijun-sen crossover at 6500 with a good bullish swing candlestick pattern.
We found support at the bottom of previous chinkou span hook and the base of the projected green cloud where the red dotted line shows. Bulls may consider this is the stop loss level. The target will hit the blue dotted line which is the base of the previous green cloud. Risk:Reward is almost 1:1
Trade closed: target reached
