Cordial greetings. It's no secret that the markets have been behaving strangely (for a lack of a better term) lately. We've been seeing some crazy volatility and that can of course be good for some and bad for others, depending on which side of the market you are on. But let's put that aside and focus on the matter at hand...
What we currently have here is an ascending wedge on the Weekly timeframe. The mere fact that it's visible on the Weekly timeframe makes us firmly believe that there is a great chance for the market to follow suit i.e., the market may be bullish and aim for the wedge resistance. This is because price has tested the wedge support line and has already started moving bullishly.
The wedge is not the only confirmation that helps us predict an upward move. This is because we also have our Stochastic, which indicates Oversold conditions and this hints at a bullish move.
In my mt4 platform, I've also included Moving averages (5 EMA & 13 MA), which are both currently in close proximity, which may lead to a crossing.
Well, folks, we have 3 confirmations signalling an upward move, BUT if you disagree with my analysis, I would love to hear your input. So please do feel free to leave a comment. It would be highly appreciated.
What we currently have here is an ascending wedge on the Weekly timeframe. The mere fact that it's visible on the Weekly timeframe makes us firmly believe that there is a great chance for the market to follow suit i.e., the market may be bullish and aim for the wedge resistance. This is because price has tested the wedge support line and has already started moving bullishly.
The wedge is not the only confirmation that helps us predict an upward move. This is because we also have our Stochastic, which indicates Oversold conditions and this hints at a bullish move.
In my mt4 platform, I've also included Moving averages (5 EMA & 13 MA), which are both currently in close proximity, which may lead to a crossing.
Well, folks, we have 3 confirmations signalling an upward move, BUT if you disagree with my analysis, I would love to hear your input. So please do feel free to leave a comment. It would be highly appreciated.
Comment:
If you're planning to trade this but you're an intraday or day-trader, then it might be wise to look for buy positions in the lower timeframes. The weekly timeframe is just used to identify the trend and we execute on the lower timeframes