Good morning,Christmas is coming and.. a warning buy signal has been given by a first daily closing above the Kijun-Sen.
As mentioned previously, a view reassessment of my expected bearish scenario took place and now the way is open for further upside and my strategic
target is @ 58'674.
Indeed, the before yesterday's, shooting star has been neutralised by a BULLISH ENGULFING PATTERN (long white candle) whith its opening level at the cluster support
of MBB and TS and its closing level above KS or base line which should be seen as a positive signal; today's closing above 50'608 would give an added value to this new expected scenario.
DAILY (D1)
If you go long now at current level (around 51'000) or on dips, I would suggest to apply a Risk Reward ratio of 3:1, meaning putting a stop loss @ 48'309 and act accordingly
in following the trade price action with a trailing stop method in order to protect potential profit.
Once again the Mid Bollinger Band did its job perfectly, in rejecting, this time, the yesterday's downside breakout attempt sucsessfully, also supported and
helped by the 4 hours clouds support area which hold perfectly well too. :-)
So, in short term, we may see some consolidation which should be seen as a buying opportunity, calling for the following targets :
R1 : 52'294 (38.2% Fib ret)
R2 : 55'483 (50% Fib ret)
R3 : 58'674 (daily clouds resistance area & 61.8% Fib ret)
RSI crossed over 50 and is @ 50.81
4 HOURS (H4)
Looking at this 4 hours time frame and after the price action seen at the yesterday's end of afternoon (long white bullish candle, from 48'700 to 51'400) it is likely to see
some consolidation in a new strategic bullish trend reversal.
Therefore, long exposure should be rebuilt from current level and on dips towards, 50'725-49'400 protected by a stop loss previously mentioned.
Looking briefly at the weekly picture, we can see a BULLISH ENGULFING PATTERN IN PROGRESS and a weekly closing above 50'100 would confirm this formation and would open the door
for higher levels towards 53'275 (MBB) ahead of 55'483 (TS and also 50% Fib ret of the 69'000-41'967 downside move)
As mentioned previously, a view reassessment of my expected bearish scenario took place and now the way is open for further upside and my strategic
target is @ 58'674.
Indeed, the before yesterday's, shooting star has been neutralised by a BULLISH ENGULFING PATTERN (long white candle) whith its opening level at the cluster support
of MBB and TS and its closing level above KS or base line which should be seen as a positive signal; today's closing above 50'608 would give an added value to this new expected scenario.
DAILY (D1)
If you go long now at current level (around 51'000) or on dips, I would suggest to apply a Risk Reward ratio of 3:1, meaning putting a stop loss @ 48'309 and act accordingly
in following the trade price action with a trailing stop method in order to protect potential profit.
Once again the Mid Bollinger Band did its job perfectly, in rejecting, this time, the yesterday's downside breakout attempt sucsessfully, also supported and
helped by the 4 hours clouds support area which hold perfectly well too. :-)
So, in short term, we may see some consolidation which should be seen as a buying opportunity, calling for the following targets :
R1 : 52'294 (38.2% Fib ret)
R2 : 55'483 (50% Fib ret)
R3 : 58'674 (daily clouds resistance area & 61.8% Fib ret)
RSI crossed over 50 and is @ 50.81
4 HOURS (H4)
Looking at this 4 hours time frame and after the price action seen at the yesterday's end of afternoon (long white bullish candle, from 48'700 to 51'400) it is likely to see
some consolidation in a new strategic bullish trend reversal.
Therefore, long exposure should be rebuilt from current level and on dips towards, 50'725-49'400 protected by a stop loss previously mentioned.
Looking briefly at the weekly picture, we can see a BULLISH ENGULFING PATTERN IN PROGRESS and a weekly closing above 50'100 would confirm this formation and would open the door
for higher levels towards 53'275 (MBB) ahead of 55'483 (TS and also 50% Fib ret of the 69'000-41'967 downside move)
