The weekly chart shows the importance of the support level where the chart stands right now
If the daily will rally, the weekly divergence will be cleared.
On the daily chart, the false breakout is more visible. Look for 70$, and further up at 76$
I discovered Egypt when I saw a fellow TradingView user posted a chart and loved it. It just trends and trends, and the signals are fantastic, really good market to trade. Unfortunately, it is not available at my broker, which makes this a paper trade.
The proper time to have shorted was 2 weeks ago, when the bearish divergence was confirmed by the impulse...
Egypt Index ETF Market Vectors (EGPT) weekly chart suggests a very bullish scenario for the market. Let's take a walk along its history first to draw a vivid picture of its future.
The index declined sharply after its inception due to political turmoil in Egypt, moving from approximately 90.00 to 37.00. Then a rebound to 64.00 followed by another decline to...
EGPT is looking strong on the weekly chart with a breakout of from recent consolidation. A similar breakout at the beginning of this year lead higher with strong momentum. Similar pattern showing this breakout on strength.
Measured move of the recent consolidation measures about $8. Takes the target right into the $81.50 Gap.
Stop is under last weeks lows which...