Technically it is forming a bullish flag. I would place my Buy Limit at Demand area, which is at $13.70 level. Also, I have a pivot marking at $14.05 --> it serves two purposes: (1) if my Buy Limit is triggered, $14.05 is my Take Profit level. (2) if the price does not go any lower and crossing $14.05, it is likely to continue to be bullish.
@machintose good call on it heading lower... what pointed you to know that it would probably break the 13.88 support? Curious.
machintose
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@farmerisland, the bull candle on 31 Mar 2021 (fundamental big move), that candle needs to be consumed by the Seller.
This also coincide with Supply and Demand method.
farmerisland
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@machintose, thank you; that makes more sense when I see it that way. The intraday containment at 13.98'60 looks to have held today exactly at the high, amazing really, so a good chance we wave back down now to your Demand pocket! However I am wondering if it'll try to test the (larger) channel bottom around 13.63ish. We will see!
machintose
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@farmerisland, your bottom channel measurement is correct; but we need to wait for the seller to come in. Yesterday closing price was not significant enough to bring the price even lower.
We need to see either Engulfing candle or shooting star to give us a confluence.
farmerisland
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@machintose, yeah the 4h close candle isn't quite a shooting star (too much bottom wick, right?)... and we closed above the 14.05 pivot, so showing strength above here cont? However, we're overbought on the smaller timescale.
machintose
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@farmerisland, my view, it will visit $14.40 and retrace.
farmerisland
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@machintose I have a similar view. I am looking and hoping that 13.88-13.93 support holds --> and then it breaks back up through the pivot and top of the flag channel.