Chart is self evident but let me explain.
Top of weekly channel 5yr resistance
(YELLOW)
Top of tariff rebound channel
(WHITE)
Outside weekly and daily bollingerband
Basically we are at extreme resistances really overbought.. imagine trying to break through something while being low on fuel.
The candle pattern " 3 white soilders" from the bullflag breakout has played out. The 4th candle usually completes the sequence
So now I think this is a channel trade and we head back to support 50sma or 47,000
From there if we lose 47,000 or 50sma then we head back to 44,900
Top of weekly channel 5yr resistance
(YELLOW)
Top of tariff rebound channel
(WHITE)
Outside weekly and daily bollingerband
Basically we are at extreme resistances really overbought.. imagine trying to break through something while being low on fuel.
The candle pattern " 3 white soilders" from the bullflag breakout has played out. The 4th candle usually completes the sequence
So now I think this is a channel trade and we head back to support 50sma or 47,000
From there if we lose 47,000 or 50sma then we head back to 44,900
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.