Price is currently sitting upon the bottom Daily trendline within the Daily uptrend. Most likely, will be able to scalp a sell before price finally bounces off the trendline for a buy toward the Daily midline zone. Ultimately we are seeing a strong sell momentum on the Weekly/Monthly. Price is simply building momentum to break the current Weekly Support Zone for a new weekly low.
This week's goal is to enter a buy after the Daily trendline is retested and validated as a support. I will scale in as price moves upward with first take profit at the 50 MA. I will monitor and decide on a second take profit.
In order to invalidate this trade, price will have to break the trendline, restest it and bounce off as a resistance. Least likely at the present time.
This week's goal is to enter a buy after the Daily trendline is retested and validated as a support. I will scale in as price moves upward with first take profit at the 50 MA. I will monitor and decide on a second take profit.
In order to invalidate this trade, price will have to break the trendline, restest it and bounce off as a resistance. Least likely at the present time.