In this chart we can see key levels of support and resistance, and what appears to be an accumulation phase, as depicted by the channel.
Huge volume spikes are followed by small rallies, time and time again, so this makes me think that we established an important low (highlighted by the pink dotted line).
As long as price stays above this dotted line, while making higher lows, the accumulation scenario will remain possible.
So I consider strategic long positions at 6.83, 7.42 and 7.84 a good idea.
If I was correct in my asessment we can expect to see a breach of the yearly pivot and retest of the 10 dollar mark at least. If I'm not, you can close your longs in profit by trailing stops carefully.
Huge volume spikes are followed by small rallies, time and time again, so this makes me think that we established an important low (highlighted by the pink dotted line).
As long as price stays above this dotted line, while making higher lows, the accumulation scenario will remain possible.
So I consider strategic long positions at 6.83, 7.42 and 7.84 a good idea.
If I was correct in my asessment we can expect to see a breach of the yearly pivot and retest of the 10 dollar mark at least. If I'm not, you can close your longs in profit by trailing stops carefully.
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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.