What's new in this amazing market?
After reaching 1612.00 level based on strong news, the market dropped below the important support level. The price tried to move back, but the resistance zone formed by the uptrend line and 1558.00 level could stop the upward movement. We got a reversal, which is confirmed by RSI.
MACD supports a further downward movement, but the lines and histogram are at the signal level. It could be better if we would have the ling and bard above the signals line. Now, we don't have solid bearish signals from this indicator. If the price doesn't try to break the resistance zone one more time, it will give us a signal that buyers have no power to push the market upward. And if so, we will get an additional bearish signal. It will be possible to think about selling with stop orders above the local swing high and profit targets at SMA100, SMA200, and the uptrend. As for buy opportunities, I would like to buy using reversal signals from the support zone between SMA200 and the uptrend line. Of course, it is possible to buy based on a breakout above the local swing high, but it will be high-risk buy trade in the overbought market with solid trend reversal signal, which we still have in play. And what do you think about the further movement? Will it be to 1612.00 resistance? Share your thoughts in comments below.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
After reaching 1612.00 level based on strong news, the market dropped below the important support level. The price tried to move back, but the resistance zone formed by the uptrend line and 1558.00 level could stop the upward movement. We got a reversal, which is confirmed by RSI.
MACD supports a further downward movement, but the lines and histogram are at the signal level. It could be better if we would have the ling and bard above the signals line. Now, we don't have solid bearish signals from this indicator. If the price doesn't try to break the resistance zone one more time, it will give us a signal that buyers have no power to push the market upward. And if so, we will get an additional bearish signal. It will be possible to think about selling with stop orders above the local swing high and profit targets at SMA100, SMA200, and the uptrend. As for buy opportunities, I would like to buy using reversal signals from the support zone between SMA200 and the uptrend line. Of course, it is possible to buy based on a breakout above the local swing high, but it will be high-risk buy trade in the overbought market with solid trend reversal signal, which we still have in play. And what do you think about the further movement? Will it be to 1612.00 resistance? Share your thoughts in comments below.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
💰COPY MY TRADES FOR FREE! Join 👉 bit.ly/41DKDBD
📣 Get Welcome Bonuses for 1st Trade 👉 bit.ly/bonus_bybit
💎 Share My BEST Trades here 👉 bit.ly/wubits
📣 Get Welcome Bonuses for 1st Trade 👉 bit.ly/bonus_bybit
💎 Share My BEST Trades here 👉 bit.ly/wubits
