Price within a large expanding structure
A lower trend line below the top of the expanding structure has formed in the dashed line, this may act as a support and break out further up
A trend also can be drawn with the dotted green line, showing a breakout with the bars pattern accompanying
Bullish potential on this Weekly timeframe
Looks incredibly bullish long term and could be highly undervalued. I will be trying to accumulate a bit here in this range from 45-55. Look for it to smash ATH in the coming year
- Climax selling volume on 8 Jan. On the daily it is a deceiving bullish volume. Dig deeper on 8 Jan 30 minute candle, majority is bearish volume.
- Nice hammer with huge volume on weekly chart.
- Spike in volume on the huge bullish candle
I try to catch the downtrend that is quite severe. Stop loss positioned in order to be protected from a price come back.
Take profit is equivalent to the height of the last top. Eventually the price could go back to its previous low of the year.
I'm keeping my take profit to manual. 3R is 3.82
