We have a rising wedge in an uptrend which signals a reversal. We are also seeing a bearish divergence on the Stochastic(14,3,3).
16.00 to 17.00 is a good range to go long when price hits that area, but we will need confirmation.
Why? Just below is a trendline that has four (4) touches already, so we want to be sure the momentum is with the bulls before going long.
If price hits our buy zone 16.00-17.00 and stochastic is leaving OverSold, that gives us extra confidence to go long. Of course, you would want
to have more than one confirmation.
Alerts set. Now we wait.
16.00 to 17.00 is a good range to go long when price hits that area, but we will need confirmation.
Why? Just below is a trendline that has four (4) touches already, so we want to be sure the momentum is with the bulls before going long.
If price hits our buy zone 16.00-17.00 and stochastic is leaving OverSold, that gives us extra confidence to go long. Of course, you would want
to have more than one confirmation.
Alerts set. Now we wait.