The green support and the red resistance lines are respectively the weekly UMLH and the weekly SL. Together with the daily upsloping pitchfork, they do well describe the latest market action. It is still not certain if or not the final rise in the ATR belongs to the final bullish days or to the bearish consolidation. I think the downchannel described by the weekly UMLH and the SL will hold for a while. Maybe until we reach the upsloping ML. If SL breakout occur before that, it may induce a long entry.
Comment:
ML has been touched and it seems the bullish reaction has started. Time to go long. LONG!
Trade closed: target reached:
UMLH touch. Just another happy trade.
