Setup
Still Bullish. Be patient for entry near end of the corrective move lower
Evidence..
-Trend is up, no top pattern
-No longer 'dips' to 50 DMA, now into a 'correction' with possible move towards 100 DMA
-Large bearish engulfing weekly candle
-The 4 month old trendline has broken.
-RSI has dropped under support - but not yet characteristic of bearish trend by going oversold
-Price has landed at a demand zone under 6500 (could rebound from here)
Signal
Looking to go long on another test of the demand zone OR
at next supports found at matching lows of 6350 then 6200
Still Bullish. Be patient for entry near end of the corrective move lower
Evidence..
-Trend is up, no top pattern
-No longer 'dips' to 50 DMA, now into a 'correction' with possible move towards 100 DMA
-Large bearish engulfing weekly candle
-The 4 month old trendline has broken.
-RSI has dropped under support - but not yet characteristic of bearish trend by going oversold
-Price has landed at a demand zone under 6500 (could rebound from here)
Signal
Looking to go long on another test of the demand zone OR
at next supports found at matching lows of 6350 then 6200
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Market Analyst for:
WeTrade
wetradebroker.com/education/analysis/jasper/
SpreadEx
spreadex.com/financials
tradingwriters.substack.com/
Market Analyst for:
WeTrade
wetradebroker.com/education/analysis/jasper/
SpreadEx
spreadex.com/financials
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Signup to my newsletter:
tradingwriters.substack.com/
Market Analyst for:
WeTrade
wetradebroker.com/education/analysis/jasper/
SpreadEx
spreadex.com/financials
tradingwriters.substack.com/
Market Analyst for:
WeTrade
wetradebroker.com/education/analysis/jasper/
SpreadEx
spreadex.com/financials
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.