Cooper: the next pullback stage is necessary.
Since Mars 2020 until now, Cooper did make an extremely bullish run phrase. What I am looking at the resistance area where Cooper needs to take a "breath", that could likely be a great shorting chance.
I’d consider that a nice arche rally - distribution phrase in Cooper is about to finished/ completed, then we will see the huge SPRING, mark down phrase towards the 3,6-3,8$.
Market Area: (DOUBLE top resistance) 4,33 - 4,39$ (above this area, this trade could be reconsidered or even invalid)
Entry: 4,33 - 4,36$
Stop loss: Above the Swing high (4,39$)
Taking profit:
• Target 1 in the first white box areas 4,15 - 4,25$
• Target 2: 3,9-4,0$ (around right at the EMA 200)
• Target 3: 3,6-3,8$ (the bottom in my own opinion could be LOWER than the SWING low of 21 Mars 2021 at 3,87$).
Risk/ Reward: 1:6 ( If price did make a SWING Lower low to refill the wicks in 21 Mars, then it would rally again, target 3 = reached)
The main bias in Cooper chart is still bullish, however a big correction is necessary now to attract more buyers in the demand zone.
Thank you for any comments and sharing.
I’d consider that a nice arche rally - distribution phrase in Cooper is about to finished/ completed, then we will see the huge SPRING, mark down phrase towards the 3,6-3,8$.
Market Area: (DOUBLE top resistance) 4,33 - 4,39$ (above this area, this trade could be reconsidered or even invalid)
Entry: 4,33 - 4,36$
Stop loss: Above the Swing high (4,39$)
Taking profit:
• Target 1 in the first white box areas 4,15 - 4,25$
• Target 2: 3,9-4,0$ (around right at the EMA 200)
• Target 3: 3,6-3,8$ (the bottom in my own opinion could be LOWER than the SWING low of 21 Mars 2021 at 3,87$).
Risk/ Reward: 1:6 ( If price did make a SWING Lower low to refill the wicks in 21 Mars, then it would rally again, target 3 = reached)
The main bias in Cooper chart is still bullish, however a big correction is necessary now to attract more buyers in the demand zone.
Thank you for any comments and sharing.
Comment:
Trading is not active yet, no clear candle pattern rejection at this area, waiting for better position. However the strategy is still in play.