Over the last couple of days I have been calling for a retest of $7,950. If bearish that would be a good spot to open a short. If bullish, $7,350 - $7,500 is still providing a very attractive risk:reward on a long. I am remaining on the sidelines until the triangle that started on 2/6 breaks one way or the other.
We are fast approaching the 66% benchmark, which is where the break is expected to occur. That should be happening in the next 1-3 days. In order to breakout to the upside we would need to be trading above $9,000 - which requires getting through a lot of resistance in a short amount of time.
If longing from the $7,500 area then I would take full profits at $7,950 and wait for further development from there. The bears have a lot of momentum on their side and there will be horizontal and trend resistance waiting just under $8,000.
That will also be the 3rd touch of the down trend that started on 5-6 (red dotted). The 3rd touch of a trendline is when traders are most confident.
The daily Stochastic is screaming oversold and indicates that we should be in for a 3-5+ day rally. If that is the case then we could be right on schedule to break the triangle to the upside. In the meantime I will be relaxing with a massage this afternoon and enjoying my time away from the charts.
Happy trading and go bulls!
A like/comment/follow a day keeps the bears completely away!
We are fast approaching the 66% benchmark, which is where the break is expected to occur. That should be happening in the next 1-3 days. In order to breakout to the upside we would need to be trading above $9,000 - which requires getting through a lot of resistance in a short amount of time.
If longing from the $7,500 area then I would take full profits at $7,950 and wait for further development from there. The bears have a lot of momentum on their side and there will be horizontal and trend resistance waiting just under $8,000.
That will also be the 3rd touch of the down trend that started on 5-6 (red dotted). The 3rd touch of a trendline is when traders are most confident.
The daily Stochastic is screaming oversold and indicates that we should be in for a 3-5+ day rally. If that is the case then we could be right on schedule to break the triangle to the upside. In the meantime I will be relaxing with a massage this afternoon and enjoying my time away from the charts.
Happy trading and go bulls!
A like/comment/follow a day keeps the bears completely away!
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/
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해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.