I'm going to look at VICO with a bullish bias because of the fundamentals that give a target of SEK 41,-.
So let's start with the weekly chart on the right:
For a bullish scenario the support of 14.30-14.90 needs to hold.
We just got rejected by the cloud, but if we can find meaningful support the weekly cloud is getting very thin up ahead, so will be easier to break through.
Also from a weekly perspective, the horizontal resistance of around 16.00 needs to be turned into support. That will also put us inside the cloud, creating additional support.
Now the daily chart on the left:
Short term looking for support on the daily cloud and a break of the black trend line. If that happens that gives us a decent entry. BUT then shortly after we already have to content with the resistance at around 16 (weekly cloud bottom edge also), so perhaps not worth it to buy, poor risk/reward.
So taking away from this the following. For a bullish scenario this needs to happen:
1. Daily cloud holding and price staying above support of +-15.00.
2. Weekly cloud needs to be entered.
3. 16.00 resistance needs to be turned into support.
For now, only then should a good buy entry be sought.
So let's start with the weekly chart on the right:
For a bullish scenario the support of 14.30-14.90 needs to hold.
We just got rejected by the cloud, but if we can find meaningful support the weekly cloud is getting very thin up ahead, so will be easier to break through.
Also from a weekly perspective, the horizontal resistance of around 16.00 needs to be turned into support. That will also put us inside the cloud, creating additional support.
Now the daily chart on the left:
Short term looking for support on the daily cloud and a break of the black trend line. If that happens that gives us a decent entry. BUT then shortly after we already have to content with the resistance at around 16 (weekly cloud bottom edge also), so perhaps not worth it to buy, poor risk/reward.
So taking away from this the following. For a bullish scenario this needs to happen:
1. Daily cloud holding and price staying above support of +-15.00.
2. Weekly cloud needs to be entered.
3. 16.00 resistance needs to be turned into support.
For now, only then should a good buy entry be sought.
