I am already holding this from 720 levels.
But current charts on Daily and Weekly Time frame is looking interesting again,
I am looking to add more qty once we close above the BLUE trendline.
Basically one can go long above 810 levels with an SL of 695 on weekly closing basis
The upside is open sky, immediate targets can be 850/940/1100/1250+
USDCAD is now backtesting and made descending daily trendline and now its making a backtesting ascending trendline...
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I keep going back to my Weekly chart because every time I study it I seem to find something new. As you can see on this chart the baby blue line is a multi-year trend in which the price has either been forced to stay below it or on one occasion bust North above it. There are just too many touch points IMO not to be significant. Also notice the two yellow...
After seeing a series of higher highs and higher lows in a corrective ascending channel, we've now seen a lower high made which could potentially break structure. This was also the 3rd touch off the descending trend line around the 78.6% Fibonacci level. We then saw a break & retest of the ascending channel off the 61.8% Fibonacci level giving us the perfect entry...
1.Support broken resistance validated
2.Trendline broken on daily timeframe
3.Opposing level breached by short sellers (109.000-broken)
4.Profit margin 1:7
5.Strong rally up to sell zone
1.Weekly Trend line broken
2.Support broken Resistance valid
5.Profit margin 1:3
Price action tried to push price up passed the 14833.7 but resistance was too strong
This trade may be turning up faster than anticipated. My original prediction stated that it would probably fall and retest its trend line break, but it seems that this pair may just be headed upward without it. Watch this one! If I see a candle pattern I like I will go long and update this post.
Another Good one Today,
*Longterm Channel going UP
*Midterm Trend showing DOWN
*EMA200 Acting as Resistance (Needs to break for more up movement)
*RSI Oversold and turned(ing) DOWN
Follow the Price and Trade
FSLR has been behaving very well within technical levels on the weekly, and has been trading in a range for a few years. A strong weekly trendline has just broken, and if it can make NEW LOWS on the daily, it will head to 45.43, next area of support where it will probably bounce. a decent stop would be above the dotted trendline above.
I could see it crashing...