JBNK - Macro view is not certain, but break-out CaH on a Daily
Weekly macro perspective has a nice diagonal pattern, that respects key support and resistance zones. Although it is hard to definitely state that primary wave 4 has found its bottom in Apr23 due to its relatively short timespan within the macro structure. But as I a low-risk trader I am not concerned with the overall wave pattern, but with what price and volume are doing in particular moment in time.
That being sad, zooming in to the potential weekly handle zone, I really like how the pattern tightens and volatility subsides. 3 week tight closes in September also provides potential evidence for accumulation rather than distribution in place.
Could be actionable above 1420, it the advance will be supported by volume and strength in overall market.
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.