The second C&H pattern is about to complete. The price is now being traded above the rising combined 20&50-day EMA since 13 Nov 2020 and this combined EMAs also has crossed above 200-day EMA on 16-Dec-2020 which indicates a potential bullishness in the future, which is further strengthened by the green cloud kumo.
It is noticeable that since 5-Nov-2020, the SmartMCDX indicator demonstrates that the institutional fund managers have been accumulating.
The momentum is still rising despite the STO indicates overbought area but there is no divergence signal between the oscillator and price action. Enter position if price breaks above 0.725 supported by high volume which can unleash strong upside.
Next R/ TP:
• 0.845
• 0.870
• 0.96
Support:
• 0.665
• 0.645 (50-day EMA)
• 0.605 (200-day EMA)
Note: This trading idea is for educational purpose only and not to be construed as a buy call. The mantra of TAYOR and caveat emptor shall apply.
It is noticeable that since 5-Nov-2020, the SmartMCDX indicator demonstrates that the institutional fund managers have been accumulating.
The momentum is still rising despite the STO indicates overbought area but there is no divergence signal between the oscillator and price action. Enter position if price breaks above 0.725 supported by high volume which can unleash strong upside.
Next R/ TP:
• 0.845
• 0.870
• 0.96
Support:
• 0.665
• 0.645 (50-day EMA)
• 0.605 (200-day EMA)
Note: This trading idea is for educational purpose only and not to be construed as a buy call. The mantra of TAYOR and caveat emptor shall apply.