Hi guys!! My second target at 75.20 has been reached...good trade!! Now, let's take a look at the daily chart, making some considerations. First of all, where did the rising start from? From the price range where the largest number of volumes have been concentrated for a year (see the red line - POC): prices have found support here. Sign that investors were waiting for lower prices to return more aggressive in the market. Result: 11 dollars in a dozen days. This is why the long prevails in the medium / long term.
What did the price do on Tuesday? A very simple thing: it retested for the third time the dotted TL that contained the recent highs, which on Tuesday was quoted 75.20. At that point, as was to be expected, there were massive profit taking, which brought down the price. Till where? About 73, the support of the last days (see my previous charts).
At this point, what can we expect? After touching the resistance, we are approaching the end of the time cycle (mid-July), which may coincide with the end of the current retracement. Furthermore, the RSI formed a double maximum, showing a slight divergence with prices. So in the coming days the decline prevails. Target? Stay tuned and see my next charts.
What did the price do on Tuesday? A very simple thing: it retested for the third time the dotted TL that contained the recent highs, which on Tuesday was quoted 75.20. At that point, as was to be expected, there were massive profit taking, which brought down the price. Till where? About 73, the support of the last days (see my previous charts).
At this point, what can we expect? After touching the resistance, we are approaching the end of the time cycle (mid-July), which may coincide with the end of the current retracement. Furthermore, the RSI formed a double maximum, showing a slight divergence with prices. So in the coming days the decline prevails. Target? Stay tuned and see my next charts.