Hammer appear today.
For Fibonacci analysis,
Strong support at level 0.618 for the shorter swing.
Strong support at level 0.786 for the longer swing.
Both support and the pivot point locate at about 27500.
For Price pattern analysis,
Price is hitting the lower supporting trend line of the increasing channel. It is predicted that the price is bounce back to the upper trend line of the channel.
At the same time, if you look at the 5 mins chart, cup and handle formation. Measurement found that HSI will increase for 170 points on tomorrow opening.
For candlestick analysis,
Hammer found and it is expected the price will increase as bullish force outweigh the bearish force. Predicting that a morning star candlestick pattern will be formed tomorrow morning, there is a possibility of large bullish candlestick.
In summary, there is a high probability that a bullish HSI will occur tomorrow, that's why goes long.
For Fibonacci analysis,
Strong support at level 0.618 for the shorter swing.
Strong support at level 0.786 for the longer swing.
Both support and the pivot point locate at about 27500.
For Price pattern analysis,
Price is hitting the lower supporting trend line of the increasing channel. It is predicted that the price is bounce back to the upper trend line of the channel.
At the same time, if you look at the 5 mins chart, cup and handle formation. Measurement found that HSI will increase for 170 points on tomorrow opening.
For candlestick analysis,
Hammer found and it is expected the price will increase as bullish force outweigh the bearish force. Predicting that a morning star candlestick pattern will be formed tomorrow morning, there is a possibility of large bullish candlestick.
In summary, there is a high probability that a bullish HSI will occur tomorrow, that's why goes long.
Trade active:
Support at 27495, Target 28909, close 50% of the position at 28471 for risk management.
Comment:
The Trend is still going up