Key Technical Analysis Tools
1. Trend Line Support
A yellow ascending trend line provides strong support
The price has consistently respected this trend line, bouncing off it multiple times
This suggests a bullish underlying momentum in the market
2. Price Action and Consolidation
The chart shows a period of consolidation before the sharp upward move
Price was trading in a tight range, indicating potential buildup of buying pressure
The consolidation zone acted as a coiling mechanism before the breakout
3. Bullish Breakout Characteristics
Sudden, sharp green candle breaking above the previous resistance levels
Significant volume and momentum indicated by the long green candle
Breakout occurs after a period of compressed price action
4. Support Levels
Green horizontal support lines at key price levels
The lowest support level around 0.6257 was a critical pivot point
Price respected these support levels during the consolidation phase
5. Potential Entry and Trade Management
Entry point could be at the breakout of the consolidation zone
Stop loss potentially placed below the recent support levels
Initial target could be the next resistance level around 0.6670
Confirmation Signals
Ascending trend line support
Consolidation pattern
Strong bullish breakout candle
Respected support levels
1. Trend Line Support
A yellow ascending trend line provides strong support
The price has consistently respected this trend line, bouncing off it multiple times
This suggests a bullish underlying momentum in the market
2. Price Action and Consolidation
The chart shows a period of consolidation before the sharp upward move
Price was trading in a tight range, indicating potential buildup of buying pressure
The consolidation zone acted as a coiling mechanism before the breakout
3. Bullish Breakout Characteristics
Sudden, sharp green candle breaking above the previous resistance levels
Significant volume and momentum indicated by the long green candle
Breakout occurs after a period of compressed price action
4. Support Levels
Green horizontal support lines at key price levels
The lowest support level around 0.6257 was a critical pivot point
Price respected these support levels during the consolidation phase
5. Potential Entry and Trade Management
Entry point could be at the breakout of the consolidation zone
Stop loss potentially placed below the recent support levels
Initial target could be the next resistance level around 0.6670
Confirmation Signals
Ascending trend line support
Consolidation pattern
Strong bullish breakout candle
Respected support levels
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
For Training visit.
Website wave-trader.com
Website techtradingacademy.com
Slack: wavetraders.slack.com
Telegram: t.me/Wavetraders
X: twitter.com/Wave__Trader
FB: facebook.com/WTimran
Website wave-trader.com
Website techtradingacademy.com
Slack: wavetraders.slack.com
Telegram: t.me/Wavetraders
X: twitter.com/Wave__Trader
FB: facebook.com/WTimran
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.