D1: Rising wedge downside breakout in progress ! As mentioned yesterday RSI/Sto indicators was showing a potential cross under price action which is currently on a ongoing progress. In addition, yesterday's price action triggered a double top formation @ 59'000, trigger level being @ 56'064, which gives a target @ 53'128 Moreover, Mid Bollinger Band @ 55'589 is under heavy attack, RISING WEDGE BREAKOUT IMPLICATIONS : This breakout is opening the door for a move of 7'400 points, targeting 49'575 and will be confirmed by a closing today below the base of this rising wedge. In the meantime, a pullback can not be ruled out as, usually after a breakout, there is a natural return towards the breakout level and this on both sides, either for an upside breakout (pullback in the direction of the former resistance level) or for a downside breakout as it is the case now (pullback in the direction of the former support level) Such kind of price action, if seen, should be used as a SELL opportunity in managing Risk Management accordingly ! SUPPORTS & RESISTANCES S1 : 54'417 S2 : 53'128 (Double top target) S3 : 53'002 S4 : 51'586 S5 : 49'575 (rising wedge target) RESISTANCES R1 : 56'625 R2 : 58'000 R3 : 59'000 R4 : 61'066 CONCLUSION : As already mentioned we are not any more on a mode of buy on dips but on a SELL ON RALLY MODE !!! Watch shorter time frames for clues Have a nice trading day. All the best and take care Ironman8848
Informationen och publikationerna är inte avsedda att vara, och utgör inte heller finansiella, investerings-, handels- eller andra typer av råd eller rekommendationer som tillhandahålls eller stöds av TradingView. Läs mer i Användarvillkoren.