Hello again peoples,
As we witnessed today, price did not do what I was looking for yesterday. Instead, we went through some range bound price movement, tested yesterday's high and bounced back strong towards today's high but not break out happened yet. That is just a perfect scenario to raise my blood pressure, but here is what I will be looking for tomorrow.
- Today's consolidation could be a bear trap for those that realized the early signs of trend weakness. As you know, our target for W3 to be completed is right above this resistance at $577. We were able to consolidate, and possibly accumulate, right below that level while holding $573 support. Bears tried, but even when they aggressively pushed down price, as soon as it hit our support, price stabilized and bulls pushed back up at the end of the day.
- If you look at our 30D Volume Profile, you can see 3 levels that I highlighted. The level #1 is the support we held, #2 is here I can see price finding resistance (end of the 70% value area), #3 is where price might go it it breaks #2.
- It might be a crazy coincidence of the universe, but our TP for W3 is right in between #2 and #3.
- In our 5min chart, we can see how we were able to bounce off the 200 EMA. And if you look at the 1hour chart:
- You can see that our 20Ema(orange) is the same as the 200ema in the 5min chart.
- A nice buy opportunity for those that missed today will be if price test that $574 support again before starting our last leg up towards $580.
Anyway, this is what I have for today. Let me know what you think and how I can make my analysis better!
As we witnessed today, price did not do what I was looking for yesterday. Instead, we went through some range bound price movement, tested yesterday's high and bounced back strong towards today's high but not break out happened yet. That is just a perfect scenario to raise my blood pressure, but here is what I will be looking for tomorrow.
- Today's consolidation could be a bear trap for those that realized the early signs of trend weakness. As you know, our target for W3 to be completed is right above this resistance at $577. We were able to consolidate, and possibly accumulate, right below that level while holding $573 support. Bears tried, but even when they aggressively pushed down price, as soon as it hit our support, price stabilized and bulls pushed back up at the end of the day.
- If you look at our 30D Volume Profile, you can see 3 levels that I highlighted. The level #1 is the support we held, #2 is here I can see price finding resistance (end of the 70% value area), #3 is where price might go it it breaks #2.
- It might be a crazy coincidence of the universe, but our TP for W3 is right in between #2 and #3.
- In our 5min chart, we can see how we were able to bounce off the 200 EMA. And if you look at the 1hour chart:
- You can see that our 20Ema(orange) is the same as the 200ema in the 5min chart.
- A nice buy opportunity for those that missed today will be if price test that $574 support again before starting our last leg up towards $580.
Anyway, this is what I have for today. Let me know what you think and how I can make my analysis better!
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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.