NXT corrected down to the 88.6% fib level, currently sitting on old support line.
Daily Chart:
4h Chart:
Inside Bollinger Bands
RSI for smaller timeframes are are already inside oversold region.
We might see a retest of the support (oversold for lower timeframes) but i think many indicators signal a possible retest of the resistance at the top of the downtrend-channel.
Stop loss should be below blue line, for trading it safe wait for breakout of the red downtrend-channel.
Daily Chart:
- MACD is flat but can cross soon(0)
- RSI coming from oversold region, crossed and is pointing upwards (+)
- Market closed below Bollinger Bands (-)
- Buy volume catched up on the last days (+)
4h Chart:
Inside Bollinger Bands
- MACD crossed and heading upwards (+)
- RSI coming from oversold region, crossed and is pointing upwards (+)
- Second pump closed above Bollinger Bands (+)
- Some spikes in Volume (0)
RSI for smaller timeframes are are already inside oversold region.
We might see a retest of the support (oversold for lower timeframes) but i think many indicators signal a possible retest of the resistance at the top of the downtrend-channel.
Stop loss should be below blue line, for trading it safe wait for breakout of the red downtrend-channel.
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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.