As you see in the 4H time frame, price has started a strong bullish move, but it is approaching to the red resistance area which has pushed the price to the downside for several times in the past.
Since, price has made a higher low and we can see strong bullish candles with a good potential to rise, there is a chance for an upside breakout on the resistance zone and more growth on GJ.
But, because the red resistance zone is strong either, we may see a downside retrace on price after touching or breaking the resistance towards the yellow line first.
Note: I am not predicting the market, I am just talking about probabilities
Since, price has made a higher low and we can see strong bullish candles with a good potential to rise, there is a chance for an upside breakout on the resistance zone and more growth on GJ.
But, because the red resistance zone is strong either, we may see a downside retrace on price after touching or breaking the resistance towards the yellow line first.
Note: I am not predicting the market, I am just talking about probabilities
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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.
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.