The resistance breakout was clear 10 weeks ago, but now looks confused because the pullback was too deep 3 weeks ago and the doubts begin for how it looks the chart
Look the resistance line is located in the 77.50 area and the Friday closing price was 78.48. Is above and looks bullish is price action and the main trend is bullish too.
The drop of the price 3 weeks...
An intraday high potential, Back Tested Long Analysis.
We ll try to find an entry price within the expected pull back zone 78.01 - 77.25 as previously being back tested.
We ll try to enter into the correction of the downtrend movement tracking trend oscillators as below:
CCI diverges the price crossing down the zero level as well as shown in the chart.
- POSITION: Long
- PRICE: $63.02
- TARGET PRICE: $67
- STOP LOSS: $61.80
- TARGET ENTRY:
- Looking for entry on Monday on upward price movement.
- Appears to be a pullback on a strong upward trend.
- Aggressive stop loss to be pursued.