Hello Traders,
at my last analysis I wrote the following:
„...N50 left a long lower stab, which could imply the acceptance of higher prices in the coming hours and may for the remainder of the week.“
This is what happened! More to observe is the fact, that price has left an „Island-reversal-gap“ at chart (30 min), which more often than not indicates a change of trend, here for the short term!
If so to come, N50 is ready, after a modest setback (which is not certain), to advance higher for the coming 1-3 days. It`s not important if N50 will close the open gap, left by trading on February 18-19. The more important thing is to watch at the latter low at chart, which is @ 11908 (red dashed line) (left-hand corner).
Any price behavior above that level indicates rising price.
Only a drop below this level opens the door to 11854-11748 and below to 11614.
Note on a weekly basis, that price has left a „bearish-Engulfing“ candle (based on the open and closing price) at chart. Against this argument stands the long lower stab, which implies the acceptance for rising price.
Have a great weekend....
ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!
at my last analysis I wrote the following:
„...N50 left a long lower stab, which could imply the acceptance of higher prices in the coming hours and may for the remainder of the week.“
This is what happened! More to observe is the fact, that price has left an „Island-reversal-gap“ at chart (30 min), which more often than not indicates a change of trend, here for the short term!
If so to come, N50 is ready, after a modest setback (which is not certain), to advance higher for the coming 1-3 days. It`s not important if N50 will close the open gap, left by trading on February 18-19. The more important thing is to watch at the latter low at chart, which is @ 11908 (red dashed line) (left-hand corner).
Any price behavior above that level indicates rising price.
Only a drop below this level opens the door to 11854-11748 and below to 11614.
Note on a weekly basis, that price has left a „bearish-Engulfing“ candle (based on the open and closing price) at chart. Against this argument stands the long lower stab, which implies the acceptance for rising price.
Have a great weekend....
ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!