Just picking up on a previous analysis linked to this one.
1. The long term downtrend, neatly captured by that downward sloping trend line, came to an end with that decisive, above-average sized bullish candle back in November 2022.
2. Price driven towards the proximal resistance are drawn for historical thresholds in this market.
3. Price rejected by that resistance level and driven back to the new support area with a bearish candle displaying volume divergence signals.
4. Market currently forming a hammer candle inside the value/support area ... which might as well be a trigger for a bullish trade targeting 1stly the resistance level mentioned before, and 2ndly the 50 EMA, should the price break above the upcoming obstacle.
Manage risk at all times, at all costs.
Cheers,
Ruben / Tenacious Tribe - Backtested Trading Strategies & Studies
1. The long term downtrend, neatly captured by that downward sloping trend line, came to an end with that decisive, above-average sized bullish candle back in November 2022.
2. Price driven towards the proximal resistance are drawn for historical thresholds in this market.
3. Price rejected by that resistance level and driven back to the new support area with a bearish candle displaying volume divergence signals.
4. Market currently forming a hammer candle inside the value/support area ... which might as well be a trigger for a bullish trade targeting 1stly the resistance level mentioned before, and 2ndly the 50 EMA, should the price break above the upcoming obstacle.
Manage risk at all times, at all costs.
Cheers,
Ruben / Tenacious Tribe - Backtested Trading Strategies & Studies
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