Nice 10w Flat Base, but substantial resistance overhead
I like the base that is forming in OLED 165 pivot point. Notice 5 weeks of tight weekly closes - good sign of potential accumulation is happening.
Overall structure looks mid-term bullish to me and my ElliotWave analysis (EW). Although, one shall be mindful of important resistance in 171-180 area, that my cause price to correct to back to 152-141 support zone, before it moves to higher resistance targets (>190).
One important caveat to EW: I use it solely to have an idea about sentiment and overall context to support, but not guide my investing decisions. Price and volume is the key, and only price pays, not the fibonacci resistance or any wave count.
Short-term trading thesis: quick scalp longs could be considered if price breaks above 165 pivot with volume support. 171-179 area could be used as profit taking target to at least to finance the risk.
Overall structure looks mid-term bullish to me and my ElliotWave analysis (EW). Although, one shall be mindful of important resistance in 171-180 area, that my cause price to correct to back to 152-141 support zone, before it moves to higher resistance targets (>190).
One important caveat to EW: I use it solely to have an idea about sentiment and overall context to support, but not guide my investing decisions. Price and volume is the key, and only price pays, not the fibonacci resistance or any wave count.
Short-term trading thesis: quick scalp longs could be considered if price breaks above 165 pivot with volume support. 171-179 area could be used as profit taking target to at least to finance the risk.
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