Retest of Trendline?
Updated
The price touched the trendline and retraced as was expected owing to overbought RSI. A higher low here and bounce from the 80 levels to retest the trendline would be early signals of trend reversal. Wait for a bounce to start accumulating or you could also wait for a close above the trendline for trend reversal confirmation. It tested the trendlineline after a long time so we might have something here if it holds the 80 level
Trade active
OBC has been flirting with the trendline lately. it has touched the line three times in last four trading sessions and is sitting just below it. Tomorrow's open and close would be crucial. If we open above the line and trade above it all day to close above it as well, we might see the start of a new uptrend. However the RSI seems to be heading to overbought region so i think it will go into consolidation before trend reversal. Sell it around 92-95 and wait for the RSI to cool off.
Good luck
Trade closed manually
We saw a close above the trendline but it couldn't sustain. Now we are back in the bearish zone with the gap down opening today and failure to penetrate the trendline. We could see a restest of 80 levels.
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.