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It has been making an INVERSE H & S pattern while consolidating down in some form
of falling wedge which is bullish by itself. It must hold 2.06 the apex of RS. Note the 2 Target prices at 4.90 & 6.90.
(Note the red dotted median of Pitchfork is also near the 6.90 area, the measured move in case Inv H&S play out)
A safer & conservative entry would be to wait for it to cross & bounce off ma20 & buy on the BO of a previous solid red candle. This should be above 2.67. giving a very good risk to reward ratio.
Bad news if 2.06 breaks. The next Support will be at the 2.06 to 1.23 zone but unlikely considering the equity futures seem to have bottomed Feb28.
not trading advice
It has been making an INVERSE H & S pattern while consolidating down in some form
of falling wedge which is bullish by itself. It must hold 2.06 the apex of RS. Note the 2 Target prices at 4.90 & 6.90.
(Note the red dotted median of Pitchfork is also near the 6.90 area, the measured move in case Inv H&S play out)
A safer & conservative entry would be to wait for it to cross & bounce off ma20 & buy on the BO of a previous solid red candle. This should be above 2.67. giving a very good risk to reward ratio.
Bad news if 2.06 breaks. The next Support will be at the 2.06 to 1.23 zone but unlikely considering the equity futures seem to have bottomed Feb28.
not trading advice
A bounce may be soon due to overdold RSI.