Monthly has no trending, weekly is trending up. After the recent highs in Sep, 2018, price bottomed out at round 260. Then consolidated until Mar, 2018. The rectangle shows patches were price spends maximum time. 291 was retested multiple times before price broke out of the previous narrow range 291 - 300 indicating that the bulls are in control.
Now 300 will act as a support. Previous resistance becomes new support. Any weakness in hourly should be bought. I will use the purple slanting line to guide me through. Going forward a normal swing low or ATR based trailing stop will do manage the trade.
Anticipating hourly will grace the green horizontal ray to give a good entry. Stop is the red horizontal ray at 291. Purple line will guide the trade.
Now 300 will act as a support. Previous resistance becomes new support. Any weakness in hourly should be bought. I will use the purple slanting line to guide me through. Going forward a normal swing low or ATR based trailing stop will do manage the trade.
Anticipating hourly will grace the green horizontal ray to give a good entry. Stop is the red horizontal ray at 291. Purple line will guide the trade.
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Entry candle
a236z