Looking at the DAILY picture, we can see a TRIANGLE PATTERN IN PROGRESS, with the breakout levels, currently and respectively :
@ 41'320 on the upside
and
@ 39'574 on the downside
IMPLICATIONS ON A DAILY BASIS CLOSING LEVEL :
upside breakout : TARGET @ 43'659 (currently the Mid Bollinger Band and the Kijun-Sen)
downside breakout out : TARGET @ 37'235 (currently, roughly the ongoing weekly uptrend support line, starting @ 32'950, low reached in January.
RSI, below 50, @ 41.44
LAGGING LINE attempting to hold above both KS and TS
Continue to monitor closely price action and especially, WATCH THE CLOUDS !!!
4 HOURS (H4)
Caught in a relatively narrow trading range which confirm growing uncertainty about further development.
Currently attempting to upside breakout the Kijun-Sen with difficulty... successive small candles !!!
RSI also below 50, @ 46.23
LAGGING LINE far below the clouds and still below both TS and KS
Last but not least the 4 hours clouds resistance area is very thick (41'468-23'338) which means very strong resistance zone which should be broken to really confirm a reversal.
1 HOUR (H1)
Currently attempting to breakout the clouds to the upside without great success for the time being...
On this hourly time frame, watch the clouds too (40'255 - 40'570) as a sustainable breakout of one of those levels would give the direction for further short term price action.
Do you like my analysis ? ifYES, please do not forget :
1) to like it
2) to add Ironman8848 on your following list (if it is not done yet :-)
Have a great long weekend and have fun
All the best
Take care
IRONMAN8848 - Jean-Pierre Burki
@ 41'320 on the upside
and
@ 39'574 on the downside
IMPLICATIONS ON A DAILY BASIS CLOSING LEVEL :
upside breakout : TARGET @ 43'659 (currently the Mid Bollinger Band and the Kijun-Sen)
downside breakout out : TARGET @ 37'235 (currently, roughly the ongoing weekly uptrend support line, starting @ 32'950, low reached in January.
RSI, below 50, @ 41.44
LAGGING LINE attempting to hold above both KS and TS
Continue to monitor closely price action and especially, WATCH THE CLOUDS !!!
4 HOURS (H4)
Caught in a relatively narrow trading range which confirm growing uncertainty about further development.
Currently attempting to upside breakout the Kijun-Sen with difficulty... successive small candles !!!
RSI also below 50, @ 46.23
LAGGING LINE far below the clouds and still below both TS and KS
Last but not least the 4 hours clouds resistance area is very thick (41'468-23'338) which means very strong resistance zone which should be broken to really confirm a reversal.
1 HOUR (H1)
Currently attempting to breakout the clouds to the upside without great success for the time being...
On this hourly time frame, watch the clouds too (40'255 - 40'570) as a sustainable breakout of one of those levels would give the direction for further short term price action.
Do you like my analysis ? ifYES, please do not forget :
1) to like it
2) to add Ironman8848 on your following list (if it is not done yet :-)
Have a great long weekend and have fun
All the best
Take care
IRONMAN8848 - Jean-Pierre Burki
my appologies