Cooper: the next pullback stage is necessary.
Updated
Since Mars 2020 until now, Cooper did make an extremely bullish run phrase. What I am looking at the resistance area where Cooper needs to take a "breath", that could likely be a great shorting chance.
I’d consider that a nice arche rally - distribution phrase in Cooper is about to finished/ completed, then we will see the huge SPRING, mark down phrase towards the 3,6-3,8$.
Market Area: (DOUBLE top resistance) 4,33 - 4,39$ (above this area, this trade could be reconsidered or even invalid)
Entry: 4,33 - 4,36$
Stop loss: Above the Swing high (4,39$)
Taking profit:
• Target 1 in the first white box areas 4,15 - 4,25$
• Target 2: 3,9-4,0$ (around right at the EMA 200)
• Target 3: 3,6-3,8$ (the bottom in my own opinion could be LOWER than the SWING low of 21 Mars 2021 at 3,87$).
Risk/ Reward: 1:6 ( If price did make a SWING Lower low to refill the wicks in 21 Mars, then it would rally again, target 3 = reached)
The main bias in Cooper chart is still bullish, however a big correction is necessary now to attract more buyers in the demand zone.
Thank you for any comments and sharing.
I’d consider that a nice arche rally - distribution phrase in Cooper is about to finished/ completed, then we will see the huge SPRING, mark down phrase towards the 3,6-3,8$.
Market Area: (DOUBLE top resistance) 4,33 - 4,39$ (above this area, this trade could be reconsidered or even invalid)
Entry: 4,33 - 4,36$
Stop loss: Above the Swing high (4,39$)
Taking profit:
• Target 1 in the first white box areas 4,15 - 4,25$
• Target 2: 3,9-4,0$ (around right at the EMA 200)
• Target 3: 3,6-3,8$ (the bottom in my own opinion could be LOWER than the SWING low of 21 Mars 2021 at 3,87$).
Risk/ Reward: 1:6 ( If price did make a SWING Lower low to refill the wicks in 21 Mars, then it would rally again, target 3 = reached)
The main bias in Cooper chart is still bullish, however a big correction is necessary now to attract more buyers in the demand zone.
Thank you for any comments and sharing.
Note
Trading is not active yet, no clear candle pattern rejection at this area, waiting for better position. However the strategy is still in play.
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