Looks like price held by resistant, but I see that price broken flag on the daily chart which means bull was able to take control. Rather than try to against the tide, I see that going long might be favorable.
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with that price action , we should be on the right path to higher price
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Price consolidate around resistant, expect break of resistant
Ok, i try to figure out what is going on... maybe i'm completely wrong. But.... The price reached a strong supply on H4.
There was a strong move down in the past. This can only be achieved by institutions. Institutions are waiting till their sell orders are filled (by retail traders)
So i see the flag as a range where long positions are opened on the bottom of the range, and short positions are opened at the top. When the price breaks out breakout traders open more long positions. The short positions are stopped out that equals a buy. More buy positions are accumulating into the institutional sell zone until the sell orders are filled.
So long story short...i think the price will go down..
withoutmercy
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@bas70seven, may be you are right, and may be I am right, but only time will tell. Let see what actually happen, this trade is not active, I will see how the market open.
bas70seven
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@withoutmercy, Well, i more on the wrong side than he right side, so....we'll see
There was a strong move down in the past. This can only be achieved by institutions. Institutions are waiting till their sell orders are filled (by retail traders)
So i see the flag as a range where long positions are opened on the bottom of the range, and short positions are opened at the top. When the price breaks out breakout traders open more long positions. The short positions are stopped out that equals a buy. More buy positions are accumulating into the institutional sell zone until the sell orders are filled.
So long story short...i think the price will go down..