Price bounces from the uptrend line. Price reversal is confirmed by RSI and a candlestick pattern. It's long opportunity and we can place buy pending orders above 2550.00 level. Stop orders must be below the local swing low - it's 2100 level. Profit target is at the resistance zone. If price drops below this uptrend line, we'll see down movement to 2000.00-1800.00 levels.
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Don't you think there might be another big resistance zone at 2800 on the way to 2900?
Great job man. Keep on doing it. We all learn thanks to you.
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Mustapha87
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Can you explain how the RSI confirms the price reversal? It seems like the momentum is actually going down..
DLavrov
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@Mustapha87, RSI changed direction when pice bounced from the uptrend line. Of course if RSI reverses in zones below 30 or above 70, these signals more reliable.
Mustapha87
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@DLavrov, Ok I see, but do you think the lower highs/lows may signal a correction?
DLavrov
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@Mustapha87, if you mean the highs/lows of RSI you are right. At the same time we see bearish divergence. It's reversal signal and sometimes we can see a new trend after divergences. But I don't think that this time we have trend reversal.
Great job man. Keep on doing it. We all learn thanks to you.
Cheers