Observing the price dynamics of the last daily candlesticks, we see that from the high of February 2nd, the market has started a retracement movement, creating bearish swings that have brought the price back within the dynamic channel, reaching LuBot's TrendCloud.
We now see a bullish signal with large volatility closing above all major moving averages after the last swing low hit the ema21 Weekly and creating a new positive swing from which the positive swing count could restart.
Considering that the candle closed on the resistance level, I could expect a short retracement that could bring the price around 12150/12050, a movement that I will use to enter my Long entry with stop loss below the last swing low and take profit in the maximum area at 12700.
Observing the Weekly chart below, we see that a beautiful price dynamic has formed which shows how the breaking of the high of the following weekly candle would trigger a trigger that could bring the prices to the 13500 area where we find the next more resistance area important.
Let's keep an eye on it in the next few days because there could be several signals of following the trend.
For this analysis I mainly used the LuBot indicator with signal settings set to "MultiSignals", Signal style = 1, no limit on signals.
If you want to use it too, you can ask me for a free 7-day trial without obligation.
Best wishes and happy trading to all
We now see a bullish signal with large volatility closing above all major moving averages after the last swing low hit the ema21 Weekly and creating a new positive swing from which the positive swing count could restart.
Considering that the candle closed on the resistance level, I could expect a short retracement that could bring the price around 12150/12050, a movement that I will use to enter my Long entry with stop loss below the last swing low and take profit in the maximum area at 12700.
Observing the Weekly chart below, we see that a beautiful price dynamic has formed which shows how the breaking of the high of the following weekly candle would trigger a trigger that could bring the prices to the 13500 area where we find the next more resistance area important.
For this analysis I mainly used the LuBot indicator with signal settings set to "MultiSignals", Signal style = 1, no limit on signals.
If you want to use it too, you can ask me for a free 7-day trial without obligation.
Best wishes and happy trading to all
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