Currently, we are seeing the ema 200 holding strongly. With the new variant detected, we might see further drop if price is unable to clear above 52-54 level in the coming weeks.
The trend is still a strong upward trend. It is a good buy and hold area, but expect volatility in the upcoming few weeks.
Inverse head and shoulder pattern with volume acting as support. Smoothing of 50 ema, and approaching 200ema soon. Probably a good time to add when there is near retracement
Near term target price: 560 ~
MGM is making a higher high higher low structure. Healthy volume can be seen with the uptrend. Price was supported at 50 EMA with the Thursday retracement. I expect more potential downside this coming week with the last week bearish engulfing close. 6-17 is a good low risk long entry. Have patience and trade well.
Interesting setup coming up. Let's watch 160 to see if price fails to break above this level continuously . We might be lower price level soon to come if price fails to break above 160 level. Typical head and shoulder set up.
We can see multiple rejections at 24560 region with series of LHLL market structure. If price fails to defend at 23000 area, we should expect the bear market to continue.
TImeStamp: 16 April 2020 11:32AM
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The high degree...