This market has been in downtrend for quite some time. Recently there was strong momentum to the upside from 115 levels which is also a monthly support. One of the reason for extreme movement can be short covering. That price action changed the immediate market structure. 160 and 175 are key resistance areas.
RSI had bottomed out and the next swing high will also mark as the first key swing high to take a position. The plan is to wait for market to retrace to the area marked as ellipse and make an entry after confirming that price holds above the blue diamond. Immediate target is 160 and the rest with trailing stop loss.
RSI had bottomed out and the next swing high will also mark as the first key swing high to take a position. The plan is to wait for market to retrace to the area marked as ellipse and make an entry after confirming that price holds above the blue diamond. Immediate target is 160 and the rest with trailing stop loss.
Comment:
Reached 130 and a great price to buy. However, not very confident about the setup and want to stand aside.
a236z