We have inverse H&S down there and clearly penetrated the years-long downtrend channel. Now it is kind of a flag formation we see on top of that previous channel, however daily and weekly RSI and daily MACD all want a correction.
A correction which ends around 1360 would be mega bullish. Even if we go below 1360, 1333-ish numbers should hold the prices (with the assistance of daily EMAs and weekly EMAs, plus that simple trend line)
Alternatively, if we see another wave up, prices may hit the cup and handle formation's target or even inv h&s target respectively.
An aggressive sell stop could be placed 1395 and a more secure sell stop can be placed around 1380.
White box shows where the current support area is.
Aggressive buy stop can be placed around 1419 or 20, where a more secure buy stop should be placed around 1440.
A correction which ends around 1360 would be mega bullish. Even if we go below 1360, 1333-ish numbers should hold the prices (with the assistance of daily EMAs and weekly EMAs, plus that simple trend line)
Alternatively, if we see another wave up, prices may hit the cup and handle formation's target or even inv h&s target respectively.
An aggressive sell stop could be placed 1395 and a more secure sell stop can be placed around 1380.
White box shows where the current support area is.
Aggressive buy stop can be placed around 1419 or 20, where a more secure buy stop should be placed around 1440.
