Weekly:
- 2-3 weeks ago there was an attempt for a bullish weekly Kumo breakout. However for a valid Kumo break Price always needs to close above previous key supp/res, which in this case failed at 121 last week.
- Last week's candle was a long wicked doji, this week we saw further selling pressure and Price dipped back into the Kumo. Chikou Span is down to Price candles again.
- Price is at Kijun Sen within the Kumo and also at the level of Senkou B. This means currently it is trading at long term equilibrium.
The picture is neutral on the weekly chart.
Daily:
- We have a wide bullish channel with lower support ard 119,15
- From almost channel top we saw red HA candles in a row, with first indication yesterday that the pull back within the trend channel may soon be over. The selling pressure may end around horizontal key support and Senkou B level (future Kumo bottom)
- Today's candle has a small green body woth both upper and lower wicks, haDelta is further up above SMA3, both lines trying to get back above zero level.
As you see, both on weekly and daily time frames this should be a relatively good support, so probably with HA buy signal the risk reward for long a long trade again is quite good.
- 2-3 weeks ago there was an attempt for a bullish weekly Kumo breakout. However for a valid Kumo break Price always needs to close above previous key supp/res, which in this case failed at 121 last week.
- Last week's candle was a long wicked doji, this week we saw further selling pressure and Price dipped back into the Kumo. Chikou Span is down to Price candles again.
- Price is at Kijun Sen within the Kumo and also at the level of Senkou B. This means currently it is trading at long term equilibrium.
The picture is neutral on the weekly chart.
Daily:
- We have a wide bullish channel with lower support ard 119,15
- From almost channel top we saw red HA candles in a row, with first indication yesterday that the pull back within the trend channel may soon be over. The selling pressure may end around horizontal key support and Senkou B level (future Kumo bottom)
- Today's candle has a small green body woth both upper and lower wicks, haDelta is further up above SMA3, both lines trying to get back above zero level.
As you see, both on weekly and daily time frames this should be a relatively good support, so probably with HA buy signal the risk reward for long a long trade again is quite good.
