Hello there guys, after few day of inactivity, after the weekly close, yday monthly and quarterly close we have still the bounce up due to oversold reasons going on.
We could see the volume was declining, hence a possible rebound due to oversold regions in almost all oscillators.
We broke our 1st resistance point at 8290-8300, next possible resistance is 8800, which i think could be the maximum we could have as run up for now, REMEMBER THAT THIS IS NOT A BULL RUN!!!, as you can see we are still under the long term EMA (yellow, blue and light blue) and only the fast EMA turning back, we are still under the death cross, this is just a relief bounce up. Possible we have some wicks above 8800, which is also where we find the FIB level 0.382 level.
I'm looking to close my 50% of my longs after breaking the 4 h 50 EMA (yellow), then let it ride till it goes, then also looking a point to revers the long trade to a short.
We could see the volume was declining, hence a possible rebound due to oversold regions in almost all oscillators.
We broke our 1st resistance point at 8290-8300, next possible resistance is 8800, which i think could be the maximum we could have as run up for now, REMEMBER THAT THIS IS NOT A BULL RUN!!!, as you can see we are still under the long term EMA (yellow, blue and light blue) and only the fast EMA turning back, we are still under the death cross, this is just a relief bounce up. Possible we have some wicks above 8800, which is also where we find the FIB level 0.382 level.
I'm looking to close my 50% of my longs after breaking the 4 h 50 EMA (yellow), then let it ride till it goes, then also looking a point to revers the long trade to a short.
Trading and analysis are two different skill sets. A tiny percentage of traders possess both capabilities. TA, investor and Developer. Space engineer - CFA
