1D chart analysis:
- Stochastic oscillator: K is at 17 and D is at 24. When both of them go below 20 we can expect a crossover and that would be a very good sign. At least we can ride back up to 9k or 11k.
I don't think it will go any lower than 5400. But after the bounce if we ride back to 9k and form an inverse we may go below 5k in future.
Bulls Should Fly and Bears Should Eat Donuts
***This is not a financial advice
Stochastic k: 7 , D: 11
TD sequence: 9th Candle
Stay alert for good buying opportunity. Trade safe.
**This is not a financial advice
One could enter a trade with a stop-loss around 6400 or 6550 depending on how tight you want it. You could also wait for the price to go below 6900 but I don't know if it would pull back before having a bearish crossover on 4H which you don't want. At this worst case scenario, if you buy now you may have to sell when we have a bearish crossover at 4H time frame before it reaches the oversold area (if you want to get out of the trade).
This is not a financial advice.
I would expect a bounce within few hours if we hang around the same price for the last few hours in the bull pennant as soon as the stochastic go to the oversold region. If we don't then we go down again... bears go home....
The biggest benefit bulls have is it's oversold on the daily chart. We should see it's grace on smaller time frame time to time. :D We'll see!