Updated
GG quick bull retest at resistance zone
After that dump, then dead cat bounce (price retraced back to the 50%) the new resistance level has been created. The price will most likely steadily go up trend until it meets that resistance.
2 possibilities:
- If it manages to break through the zone of confluence then expect an attempt for the support to be built at that price range
- If it gets rejected at the zone, then simple retracement back to the lower trend line
2 possibilities:
- If it manages to break through the zone of confluence then expect an attempt for the support to be built at that price range
- If it gets rejected at the zone, then simple retracement back to the lower trend line
Trade closed: target reached
It broke past the zone but failed to build support at the resistance. The usual sell off presumed and now fallen out of the trend
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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.