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After a nice long fall, the price has stabilized and is following a very weak support line going in the upside.
There is a support, illustrated by the blue line, that has been tested few times with a major failure lately.
This opens the door to a short entry on that time. Now we are looking at the price which has broken the very weak support line.
The signal of a short direction is not significant.
The probability is higher to see the price testing again the resistance line, then different scenarios:
- The market fails again goes in a declining trend. Perfect entry for a short trade, profits in the Sort direction.
- The market supported with volumes forms a nice larger candlestick to break the resistance, top blue line. At that moment the doted support line will become a serious support line. Good entry for a long entry.
To resume:
Beware next week at the volumes and the reaction of the market towards the blue resistance line.
________________________________________________________
After a nice long fall, the price has stabilized and is following a very weak support line going in the upside.
There is a support, illustrated by the blue line, that has been tested few times with a major failure lately.
This opens the door to a short entry on that time. Now we are looking at the price which has broken the very weak support line.
The signal of a short direction is not significant.
The probability is higher to see the price testing again the resistance line, then different scenarios:
- The market fails again goes in a declining trend. Perfect entry for a short trade, profits in the Sort direction.
- The market supported with volumes forms a nice larger candlestick to break the resistance, top blue line. At that moment the doted support line will become a serious support line. Good entry for a long entry.
To resume:
Beware next week at the volumes and the reaction of the market towards the blue resistance line.