Hello guys,
Based on the chart, price broke a resistance area and now it acts a support level for further increment of gold price.
On the other hand we can see price rejection from the new support and moving into an uptrend channel which can strength our scenario to buy.
Wish you a great trading week.
TCS weekly chart shows breakout retest done & 5-6 weeks base created around support zone. Double bottom pattern with neckline breakout above 3577 last week seen. Need to see a follow-up buying and increase in relative strength, this week to confirm reversal for uptrend towards ATH levels.
Only for educational purposes. Not a buy/sell recommendation.
Buyers now assume the greatest risk entering under resistance.
Wait for the market to pull back and test for a Change of Polarity.
Buy on the close of a bullish candlestick reversal signal:
- Hammer
- Bullish Engulfing Pattern
- Morning Star
Set your stop loss below the low of the candlestick pattern.
