Todays Analysis – AGIBTC – rejected from structural resistance, trying to bottom with probable inverted head and shoulders.
Points to consider:
- Multi-resistance Confluence
- S/R Flip (trend reversal)
- 21 EMA (visual guide)
- Declining Volume
- RSI above 50
- Stochastics Overextended
AGIBTC currently retracing from resistance cluster where the .382 Fibonacci retracement, 200 EMA and structural resistance coincide. Thus, a successful S/R flip of the resistance cluster will be bullish and indicative of a trend reversal, also validating the head and shoulders pattern,
The 21 EMA will act as a visual guide, price respecting and trading above this indicator is deemed bullish.
Volume is steadily declining, a sustained increase in volume is needed and will be supportive of the S/R flip and solidity of the price action.
RSI ranging above 50, establishing consecutive higher lows showing strength in the market.
Stochastics currently overextended and may remain in this region for some time, however, a buy cross will indicate a momentum shift, coinciding with the possible S/R flip.
Overall, in my opinion, AGI is trading at a key location where a long trade is validated upon an S/R flip re-rest with technical target being structural resistance.
What are your thoughts?
Thank you for following my work and development as a trader!
As always,
Focus on you, and the money will too!
Points to consider:
- Multi-resistance Confluence
- S/R Flip (trend reversal)
- 21 EMA (visual guide)
- Declining Volume
- RSI above 50
- Stochastics Overextended
AGIBTC currently retracing from resistance cluster where the .382 Fibonacci retracement, 200 EMA and structural resistance coincide. Thus, a successful S/R flip of the resistance cluster will be bullish and indicative of a trend reversal, also validating the head and shoulders pattern,
The 21 EMA will act as a visual guide, price respecting and trading above this indicator is deemed bullish.
Volume is steadily declining, a sustained increase in volume is needed and will be supportive of the S/R flip and solidity of the price action.
RSI ranging above 50, establishing consecutive higher lows showing strength in the market.
Stochastics currently overextended and may remain in this region for some time, however, a buy cross will indicate a momentum shift, coinciding with the possible S/R flip.
Overall, in my opinion, AGI is trading at a key location where a long trade is validated upon an S/R flip re-rest with technical target being structural resistance.
What are your thoughts?
Thank you for following my work and development as a trader!
As always,
Focus on you, and the money will too!