Since spring 2020, the index price has been in a strong uptrend. One of the main trend lines for the price is the support line, which was formed only in June. The second line - the resistance line - is younger and appeared only in October 2020.
This trend is notable for the fact that the support and resistance lines are located relatively close to each other and the price rises while making not very strong fluctuations between the lines. However, it also makes multiple false breaks.
For example, at the moment the price has broken through the resistance line 13619.4. However, we remember that there was one small false break a few days ago, and another, larger but also not serious, at the end of January. Therefore, even now I am sure that the breakout will turn out to be false and soon the price will return behind the line.
I expect it to fall, break through the line and, through correction, go down to the support trendline. So my final target is support line 13106.3.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
After the last situation dou you still think as a false breakdown or now we are in another scenario ?
Thanks in advance
UnknownUnicorn5283339
⋅
Lingrid, what you think about that idea now?
danesh155
⋅
Hi. Tnx for idea and great explaning. just about false breakdown in 4h timeframe the price is in top of the channel and will fall down but i Guess this time after alittle goes down break the resistance line finally.
do you have any other reason except support and resistance lines to be sure about false break down??again tnx a million
Lingrid
⋅
@danesh155, I wrote all my thoughts under the idea)