Metal recently hit a huge spike in price and has experienced a pullback. It has found some support at 50k and resistance at 59k. Also, it is trading in this wedge which it getting tighter and tighter. The wedge isn't key support; however, its break could be a catalyst to test key support/resistance levels.
Am i bullish on Metal?
Not yet; however, I could be. There is very little resistance after we break the 59k level. If the hourly candle can close above that, then I'll likely buy in.
On the other hand, if it breaks the key support level, then I'll be steering clear.
DISCLAIMER:
This is just my opinion so take this advice at your own risk! Good luck and happy trading everyone! :]
Am i bullish on Metal?
Not yet; however, I could be. There is very little resistance after we break the 59k level. If the hourly candle can close above that, then I'll likely buy in.
On the other hand, if it breaks the key support level, then I'll be steering clear.
DISCLAIMER:
This is just my opinion so take this advice at your own risk! Good luck and happy trading everyone! :]
Comment:
Has broken the bottom of the wedge; however, if you're holding - no exit signal from break of key support level, yet.