Monthly
Strong bullish monthly close in May and this month as we approach the end, price has not been able to sustain itself below 124.00.
Weekly
2 pin-formation nearing completion coupled with ling spikes piercing the MA showing some buying pressure. Also, hammer candlestick close last week above 124.00. MAs upward facing.
Daily
Consolidation and rejection around the 61.8% fib level in confluence with a strong daily support barrier of 123.30 with today's daily candle closing as a hammer - indicating upward momentum. MAs have just also crossed over to the upside. We also have a break of our 4-hour CTL. Ultimately, a higher low has been formed and now we can naturally except a higher high.
H4
Last week, after a period of consolidation we have finally moved higher. Indicated on the chart in a yellow circle, we can see tweezer bottoms plus a bearish engulfing as a swing low point. A new higher low has been formed which is also a morning star - strong upward momentum. Clean break of our CTL as mentioned above with strong rejection of 32.8% fib level confluent with our monthly support on a larger TF.
Strong bullish monthly close in May and this month as we approach the end, price has not been able to sustain itself below 124.00.
Weekly
2 pin-formation nearing completion coupled with ling spikes piercing the MA showing some buying pressure. Also, hammer candlestick close last week above 124.00. MAs upward facing.
Daily
Consolidation and rejection around the 61.8% fib level in confluence with a strong daily support barrier of 123.30 with today's daily candle closing as a hammer - indicating upward momentum. MAs have just also crossed over to the upside. We also have a break of our 4-hour CTL. Ultimately, a higher low has been formed and now we can naturally except a higher high.
H4
Last week, after a period of consolidation we have finally moved higher. Indicated on the chart in a yellow circle, we can see tweezer bottoms plus a bearish engulfing as a swing low point. A new higher low has been formed which is also a morning star - strong upward momentum. Clean break of our CTL as mentioned above with strong rejection of 32.8% fib level confluent with our monthly support on a larger TF.
Comment:
SL moved beyond BE.
Trade closed: target reached