Price is at a very respected trend line support (numerous touches), and in confluence with the 50EMA as support.
Bullish engulfing / tweezer bottom candlestick pattern formed at this level, adding to the bullish setup.
Stochastic indicator approaching the oversold area, suggesting further bullish action.
Possible profit targets could include the 200EMA, the upper trend line level, or the previous high.
Stop loss levels could include be below the wick of the current candle, below the previous low, or below the horizontal line denoting past resistance, which could be tested as new support.
Let me know your thoughts.
Bullish engulfing / tweezer bottom candlestick pattern formed at this level, adding to the bullish setup.
Stochastic indicator approaching the oversold area, suggesting further bullish action.
Possible profit targets could include the 200EMA, the upper trend line level, or the previous high.
Stop loss levels could include be below the wick of the current candle, below the previous low, or below the horizontal line denoting past resistance, which could be tested as new support.
Let me know your thoughts.