Price is currently in a bullish channel and has rejected the lower channel zone now for the third time. I like this for a long position as the third bounce is combined with a 50 EMA rejection and a weekly level rejection showing clear signs of reversal.
Scenario 1:
Price pushes through the daily pivot and towards the upside heading for the upper channel line.
Scenario 2:
Price breaks through the lower channel line and heads toward the daily S1 pivot , rejecting that bouncing back up to the weekly level and then pushing down furtherer towards the 200EMA area.
Scenario 1:
Price pushes through the daily pivot and towards the upside heading for the upper channel line.
Scenario 2:
Price breaks through the lower channel line and heads toward the daily S1 pivot , rejecting that bouncing back up to the weekly level and then pushing down furtherer towards the 200EMA area.
Comment:
Never took this trade as I favoured the upside movement.