Looking at the DAILY picture, a "Diamond" pattern is in progress and is currently trying to upside breakout the downtrend resistance line of this bullish pattern.
Last but not least, the Kijun-Sen or Base line also coincides with the upside breakout level of this Diamond pattern, which if broken would also give, an additional
confirmation signal, calling for further upside.
TECHNICAL TARGET OF THIS DIAMOND PATTERN IS @ 9.52 or roughly the Daily top clouds resistance area !!!
WEEKLY (W1)
Weekly clouds hold and rejected, for the time being,several successive downside breakout !
A weekly closing above $ 7.03 would be very positive and would open the door for higher levels.
Next target being @ $ 7.66 ahead of the cluster @ $ 8.83 - $ 9.00
On my own account I would put in place a Risk Reward ratio of 1:3 !!!
Ironman8848. & Jean-Pierre Burki
Last but not least, the Kijun-Sen or Base line also coincides with the upside breakout level of this Diamond pattern, which if broken would also give, an additional
confirmation signal, calling for further upside.
TECHNICAL TARGET OF THIS DIAMOND PATTERN IS @ 9.52 or roughly the Daily top clouds resistance area !!!
WEEKLY (W1)
Weekly clouds hold and rejected, for the time being,several successive downside breakout !
A weekly closing above $ 7.03 would be very positive and would open the door for higher levels.
Next target being @ $ 7.66 ahead of the cluster @ $ 8.83 - $ 9.00
On my own account I would put in place a Risk Reward ratio of 1:3 !!!
Ironman8848. & Jean-Pierre Burki