Price formed a hinge after the the down move yesterday, now it's breaking out towards the upside. Buying in the background as evidenced by the big up bar with good volume prior. Not enough to go long for a position trade, will wait for a possible retest on the dotted line or higher.
3 min chart shows a long placed just before the break out happened.
3 min chart shows a long placed just before the break out happened.
Comment:
Price is now showing some difficulty in going above 9,217. The retest of demand should begin soon.
Comment:
Looks like a successful test of support, price levels a bit higher than expected.
Still not investment material but this shows us the decline has probably stopped. A long with a right stop loss would be an option.
Still not investment material but this shows us the decline has probably stopped. A long with a right stop loss would be an option.
Comment:
Tight stop loss not right.
Comment:
Successful test of support. Price is now moving up the support line with increasing volume.
This is possible absorption of sellers, setting up the move for a breakout to the upside unless there is a sudden dump of supply.
Will add to the long if we have a successful test of the lows on low volume.
This is possible absorption of sellers, setting up the move for a breakout to the upside unless there is a sudden dump of supply.
Will add to the long if we have a successful test of the lows on low volume.
Comment:
And price took off, confirming the the trend reversal from downside to upside.