Hello, dear TradingView members.
This idea is an MTL analysis.
MTL has made a 9% ascending move in the market. Let's analyze the two bullish and bearish scenarios.
RSI crossed the border to 75 and showed overbought signals, and now it has pulled back into the range. Usually, when this happens, the price pulls back down. But since the price is moving on a support/resistance area, we might experience consolidations here. However, in this case, RSI is trying to move back up because there are no sell volumes.
Scenario one:
A breakout:
If the price touches the support and pulls back up and hits the first resistance, it might touch the second resistance I've shown on the chart as a target.
Scenario two:
A fake-out:
The price will move a little while on support and then fall back down below the support level.
The Bollinger Bands are still wide, and the middle band has helped the price as a dynamic support zone.
The Speedometer indicator shows Neutral volumes on the market for MTL on a 1D interval.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
This idea is an MTL analysis.
MTL has made a 9% ascending move in the market. Let's analyze the two bullish and bearish scenarios.
RSI crossed the border to 75 and showed overbought signals, and now it has pulled back into the range. Usually, when this happens, the price pulls back down. But since the price is moving on a support/resistance area, we might experience consolidations here. However, in this case, RSI is trying to move back up because there are no sell volumes.
Scenario one:
A breakout:
If the price touches the support and pulls back up and hits the first resistance, it might touch the second resistance I've shown on the chart as a target.
Scenario two:
A fake-out:
The price will move a little while on support and then fall back down below the support level.
The Bollinger Bands are still wide, and the middle band has helped the price as a dynamic support zone.
The Speedometer indicator shows Neutral volumes on the market for MTL on a 1D interval.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
