WKHS 13JAN21 1D Time Frame
Chart is coiling into a symmetrical triangle formation which means that it could break either way.
Price action seems to be going down for the next few days but should hit trend bottom around the buy zone which also happens to be 61.8% fib area. My opinion anticipates a bullish move because at the 1week time frame, MACD seems to be losing bearish momentum and Stochastics is at at the oversold level.
2 ways to setup stop loss; Keep a tight stop loss just below the bottom trend line to keep losses at a minimum however for those with stronger hands, another possible stop loss is just bellow the last pivot low.
MACD shows a light bullish direction but histogram shows a losing bull momentum.
Stochastics shows downward movement but still near the overbought level.
Disclaimer
I do not know how the market will move tomorrow. All my post is not a recommendation, advise nor a suggestion and should not be used as a replacement for investment advice from a qualified licensed professional. All my post is for practice, informational and entrainment purposes only as I am not a registered investment advisor and do not offer investment advice and recommendation. You, the reader, bear full responsibility for your own investment and trade decisions and should seek the advice of a qualified securities professional before making any investment or trade.
Chart is coiling into a symmetrical triangle formation which means that it could break either way.
Price action seems to be going down for the next few days but should hit trend bottom around the buy zone which also happens to be 61.8% fib area. My opinion anticipates a bullish move because at the 1week time frame, MACD seems to be losing bearish momentum and Stochastics is at at the oversold level.
2 ways to setup stop loss; Keep a tight stop loss just below the bottom trend line to keep losses at a minimum however for those with stronger hands, another possible stop loss is just bellow the last pivot low.
MACD shows a light bullish direction but histogram shows a losing bull momentum.
Stochastics shows downward movement but still near the overbought level.
Disclaimer
I do not know how the market will move tomorrow. All my post is not a recommendation, advise nor a suggestion and should not be used as a replacement for investment advice from a qualified licensed professional. All my post is for practice, informational and entrainment purposes only as I am not a registered investment advisor and do not offer investment advice and recommendation. You, the reader, bear full responsibility for your own investment and trade decisions and should seek the advice of a qualified securities professional before making any investment or trade.