Price previously broke out of the critical resistance zone to the upside after breaking the bullish flag pattern to set a new higher high & break through the major resistance zone. This previous week, price has formed a new higher low, & is retesting the critical zone as new potential support, which aligns with the fibonacci retracement of the last impulsive movement which indicated another confluence of confirmation.
Price formed a "Doji" indecision candlestick at the zone also which is a potential signal that buyers are preparing to step back into the market to push price up towards resistance above for a potential higher high to resume the uptrend movement.
Price formed a "Doji" indecision candlestick at the zone also which is a potential signal that buyers are preparing to step back into the market to push price up towards resistance above for a potential higher high to resume the uptrend movement.
Comment:
On the hourly timeframe I will be watching for a scenario like this for a high Reward / Risk ratio setup
Comment:
Moving nicely