WEEKLY (W1)
Ongoing recovery attempt, currently roughly in the middle of the weekly clouds and above the Tenkan-Sen @ 39'400
A next weekly closing above 39'40O should be seen as a positive signal in this weekly time frame.
DAILY (D1)
Yesterday's price action triggered a long white candle which reached an intraday high @ 41'694 BUT CLOSED BELOW THE TOP OF THE DAILY CLOUDS RESISTANCE AREA @ 41'399
Once again an upside breakout of the top of the daily clouds is crucial for moving higher; therefore, the today's closing level of the ongoing candle might give additional clues the the upcoming trading session (s).
Indeed, a CLEAR BREAKOUT CONFIRMED of the CLOUDS, would open the door for higher levels towards the 42'500 area (former high) ahead of the ongoing downtrend resistance line (top of the triangle pattern !) currently @ 44'265.
A failure to do it, would reopen the door for the former RESISTANCE CLUSTER which became the NEW SUPPORT CLUSTER, currently between 40'100 and 39'800 which also coincides with the ongoing support trend line... then the focus will be on the 37'500-37'000 former congestion support.
RSI above 50, @ 52.45
LAGGING LINE in the middle of the CLOUDS, slightly above the Kijun-Sen but still below both the Tenkan-Sen and the Mid Bollinger Band.
4 HOURS (H4)
Currently above the clouds and above TS, KS and Mid Bollinger Band (39'565) which coincides, currently with the 4 hours clouds support bottom !
RSI @ 60.45
LAGGING LINE still in the clouds !
LEVELS TO WATCH IN THIS H4 TIME FRAME ARE THE FOLLOWING :
UPSIDE : 41'694
DOWNSIDE : 40'000-39'565
1 HOUR (H1)
Above the clouds but already below both Tenkan-Sen and Mid Bollinger Band; still above the KS @ 40'426
An hourly closing below 40'426 should be seen as a warning signal of a short term top in place !
The hourly clouds support area is also currently between 40'100 and 39'900 which corroborate the observations mentioned in D1
Do you like my analysis and do you find it add value on your trading strategies, if YES, please do not forget to like it and for those who do not follow me yet on TRADING VIEW, please do not forget either to add IRONMAN8848 in your following list.
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And if you want to know more about IRONMAN8848, you also can have a look at :www.ironman8848.com
Many thanks in advance and best regards
Take care and all the best
IRONMAN8848 & Jean-Pierre Burki
Ongoing recovery attempt, currently roughly in the middle of the weekly clouds and above the Tenkan-Sen @ 39'400
A next weekly closing above 39'40O should be seen as a positive signal in this weekly time frame.
DAILY (D1)
Yesterday's price action triggered a long white candle which reached an intraday high @ 41'694 BUT CLOSED BELOW THE TOP OF THE DAILY CLOUDS RESISTANCE AREA @ 41'399
Once again an upside breakout of the top of the daily clouds is crucial for moving higher; therefore, the today's closing level of the ongoing candle might give additional clues the the upcoming trading session (s).
Indeed, a CLEAR BREAKOUT CONFIRMED of the CLOUDS, would open the door for higher levels towards the 42'500 area (former high) ahead of the ongoing downtrend resistance line (top of the triangle pattern !) currently @ 44'265.
A failure to do it, would reopen the door for the former RESISTANCE CLUSTER which became the NEW SUPPORT CLUSTER, currently between 40'100 and 39'800 which also coincides with the ongoing support trend line... then the focus will be on the 37'500-37'000 former congestion support.
RSI above 50, @ 52.45
LAGGING LINE in the middle of the CLOUDS, slightly above the Kijun-Sen but still below both the Tenkan-Sen and the Mid Bollinger Band.
4 HOURS (H4)
Currently above the clouds and above TS, KS and Mid Bollinger Band (39'565) which coincides, currently with the 4 hours clouds support bottom !
RSI @ 60.45
LAGGING LINE still in the clouds !
LEVELS TO WATCH IN THIS H4 TIME FRAME ARE THE FOLLOWING :
UPSIDE : 41'694
DOWNSIDE : 40'000-39'565
1 HOUR (H1)
Above the clouds but already below both Tenkan-Sen and Mid Bollinger Band; still above the KS @ 40'426
An hourly closing below 40'426 should be seen as a warning signal of a short term top in place !
The hourly clouds support area is also currently between 40'100 and 39'900 which corroborate the observations mentioned in D1
Do you like my analysis and do you find it add value on your trading strategies, if YES, please do not forget to like it and for those who do not follow me yet on TRADING VIEW, please do not forget either to add IRONMAN8848 in your following list.
Last but not least if you do not have access to TRADING VIEW yet (one of the BEST CHARTING APPLICATION AVAILABLE AT THE MOMENT :-), you can sign up in clicking on the following link :
www.tradingview.com/gopro/?share_your...
And if you want to know more about IRONMAN8848, you also can have a look at :www.ironman8848.com
Many thanks in advance and best regards
Take care and all the best
IRONMAN8848 & Jean-Pierre Burki
