here we have a candidate which I have flagged for my watchlist. This is not a trade I am taking, just an interesting chart!
- a key weekly level reached
- quite some time without a proper retracement
- and highly overvalued
- a bit of price action forming at this key level
- shorter then average previous candles (only) indicating (!) momentum loss
What I am waiting for?
- more confirmation in form of price action at this key level
- theoretically I would TEND to assume that price will see at least a 23% fib retracement
Apparently I do not know enough about the macro-economic situation regarding turkey. If anyone knows and sees this, feel free to comment.
All the best,