Context:
Weekly – uptrend (UT), one-time-framing up
Daily – uptrend
Microstructure:
Poor highs, poor lows
Last day:
value moved down
Special notes:
There are multiple signs of UT exhaustions: shortening of daily trend upthrust, daily volume dries up, last week value area overlaps with previous week
Moreover, price is close to monthly resistance cloud. Without some stong bullish news it will be hard to get through it.
Conclusion:
A swing trader that is still LONG should strongly consider reducing position. At this point it is still too early to flip but risks of staying LONG outweigh potential upside.
For a day trader there is still an opportunity to play LONG as daily low high (LH) is still not set. The best risk-reward opportunity for LONG can be found near last week low
Weekly – uptrend (UT), one-time-framing up
Daily – uptrend
Microstructure:
Poor highs, poor lows
Last day:
value moved down
Special notes:
There are multiple signs of UT exhaustions: shortening of daily trend upthrust, daily volume dries up, last week value area overlaps with previous week
Moreover, price is close to monthly resistance cloud. Without some stong bullish news it will be hard to get through it.
Conclusion:
A swing trader that is still LONG should strongly consider reducing position. At this point it is still too early to flip but risks of staying LONG outweigh potential upside.
For a day trader there is still an opportunity to play LONG as daily low high (LH) is still not set. The best risk-reward opportunity for LONG can be found near last week low