1. Prices closed last week @ $105.26 in contact with VWAP (white) curve. The VWAP is acting as a supporting line for prices uptrend. Traders using the VWAP will wait to confirm an up trending if one high volume candle open and close totally above the curve. In case of low volume candles, traders will wait for to get confirmation from two or even three successive candles to break the VWAP curve before deciding to buy or sell. The candle(s) limits (open and close) above the VWAP line are considered as buying sign for traders and the vice versa.
2. Another tools short traders are using is through the MA line. The intersection between low MA and high MA is a sign of buy or sell. They are watching the direction of the low MA. In other words, if the low MA is up warding to intersect with the higher MA, then this is a buying sign and the vice versa. Noting that the buying sign accompanied by intersection between MAs preferred to be supported by medium or high trading volume . At the above chart, it is well seen that EMA20 (green) was going to trend up and intersecting with EMA200 (red) but at low volume which may be because this was at the end of the trading week and traders did not want to long the trade.
3. Tools like Fib extension set horizontal limits of increase or decrease showing resistant and support lines as targets. Last session, bulls succeeded to break the pivot line @ 23.6% level and perform a testing zone inside the major resistant (red) zone above $102.8x and below $106.2x. High buying volume will aid to exit the testing zone and reach the resistant line @ 32.8% level. The 32.8% level is a medium power level where bulls can easily break its resistant and pass through $110.00 limit to achieve the first target @ 50% level below $113.1x.
4. At the moment, price got support from $102.8x and resistances from $106.2x and 108.5x respectively.
Tools used in analysis are Fib pattern, BB indicator, volume , double top pattern, and MA ribbon.
2. Another tools short traders are using is through the MA line. The intersection between low MA and high MA is a sign of buy or sell. They are watching the direction of the low MA. In other words, if the low MA is up warding to intersect with the higher MA, then this is a buying sign and the vice versa. Noting that the buying sign accompanied by intersection between MAs preferred to be supported by medium or high trading volume . At the above chart, it is well seen that EMA20 (green) was going to trend up and intersecting with EMA200 (red) but at low volume which may be because this was at the end of the trading week and traders did not want to long the trade.
3. Tools like Fib extension set horizontal limits of increase or decrease showing resistant and support lines as targets. Last session, bulls succeeded to break the pivot line @ 23.6% level and perform a testing zone inside the major resistant (red) zone above $102.8x and below $106.2x. High buying volume will aid to exit the testing zone and reach the resistant line @ 32.8% level. The 32.8% level is a medium power level where bulls can easily break its resistant and pass through $110.00 limit to achieve the first target @ 50% level below $113.1x.
4. At the moment, price got support from $102.8x and resistances from $106.2x and 108.5x respectively.
Tools used in analysis are Fib pattern, BB indicator, volume , double top pattern, and MA ribbon.