Weekly analysis:
- Nice climatic selloff insanely huge volume on earnings day
- Really good bullish volume at support around 75 (this volume is only 3 days in for this week)
- Support at 75 is quite strong (many touches at key levels)
- Weekly is still considered on a uptrend
Daily analysis:
- Nice void above, not much resistance to 2R
- Spinning top followed by a hammer like candle. Both with decent volume (about double the average)
- Hammer like candle also gapped up on open. Shows bullish commitment in terms of price
Intraday analysis:
- Two higher low
- EMA sloping up
Cons:
- Candle is not a real true hammer as the body is about half of the candle size.
- Candle is red. Preferably we want a green hammer as it has a higher strength.
The reason why I still proceeded was because the hammer gapped up on open which sort of make up for the bearish pseudo hammer
- Nice climatic selloff insanely huge volume on earnings day
- Really good bullish volume at support around 75 (this volume is only 3 days in for this week)
- Support at 75 is quite strong (many touches at key levels)
- Weekly is still considered on a uptrend
Daily analysis:
- Nice void above, not much resistance to 2R
- Spinning top followed by a hammer like candle. Both with decent volume (about double the average)
- Hammer like candle also gapped up on open. Shows bullish commitment in terms of price
Intraday analysis:
- Two higher low
- EMA sloping up
Cons:
- Candle is not a real true hammer as the body is about half of the candle size.
- Candle is red. Preferably we want a green hammer as it has a higher strength.
The reason why I still proceeded was because the hammer gapped up on open which sort of make up for the bearish pseudo hammer