The price is moving inside of the Falling Wedge pattern which is considered as a reversal pattern. Possible reversal is supported by Bullish Divergence which can be spotted on the chart when the price and RSI are not following each other but moving opposite directions. Upside potential is maximal while downside potential is minimal - what it means that as the market is starting slowly recover and if it does establish a solid rock bottom here it means upside potential is greater than downside.
The market is not out of the woods yet and that's why it's important to wait for confirmed signals before opening a new entry.
The price needs to break out above of $86.7 - $93 levels to signal any bullishness and offers good entry point. Once it manages to break above of the confluence zone and if volume starts expanding, then this gives good confirmation for upward movement and that the price is trying to push higher. The measured pattern target is at $131 level and partial profit target is at $105 - $111 that can be found close to the next resistance level.
Trading Information:
Buy: Above $86.7 - $93
Partial Profit Target: $105 - $111
Main Profit Target: Around $131
Note:
Targets are indicative and trading conditions may vary.
Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP!
If you need help with trading, finding information or courses let me know and I’d be more than happy to help you!
Things to Remember:
DISCLAIMER:
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr
The market is not out of the woods yet and that's why it's important to wait for confirmed signals before opening a new entry.
The price needs to break out above of $86.7 - $93 levels to signal any bullishness and offers good entry point. Once it manages to break above of the confluence zone and if volume starts expanding, then this gives good confirmation for upward movement and that the price is trying to push higher. The measured pattern target is at $131 level and partial profit target is at $105 - $111 that can be found close to the next resistance level.
Trading Information:
Buy: Above $86.7 - $93
Partial Profit Target: $105 - $111
Main Profit Target: Around $131
Note:
Targets are indicative and trading conditions may vary.
Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP!
If you need help with trading, finding information or courses let me know and I’d be more than happy to help you!
Things to Remember:
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
DISCLAIMER:
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr
