Hi friends , some observations
1. 3 Triangle formations on the 4 hours chart time frame, all breaking upwards, creating a nice upwards channel
2. Close look at the RSI, shows the nice smooth upswing making higher highs and higher lows
3. Price first tried to break support channel of the upward trending rectangle, failed, and now has broken the resistance channel.
4. 50 Day Moving Average has crossed above the 200 Day Moving Average. (Bullish signal)
Look out for a retest of the new found support line, my bias is on the upward move.
Watch out this space for further price action
If you like what you read, please share a thumbs up!
Cheers
1. 3 Triangle formations on the 4 hours chart time frame, all breaking upwards, creating a nice upwards channel
2. Close look at the RSI, shows the nice smooth upswing making higher highs and higher lows
3. Price first tried to break support channel of the upward trending rectangle, failed, and now has broken the resistance channel.
4. 50 Day Moving Average has crossed above the 200 Day Moving Average. (Bullish signal)
Look out for a retest of the new found support line, my bias is on the upward move.
Watch out this space for further price action
If you like what you read, please share a thumbs up!
Cheers
Comment:
The latest candle is sitting right on top of the trend support line on top range of the channel. Wait for retest of the newly found support and a bounce to go LONG
Order cancelled:
Price is back in the range, break out turned out a fake one