Using the Potterbox strategy on the 4 hour time frame I can see that we are at a huge level of support that is holding at $578, which I think will be crucial in deciding whether we break down or make an attempt to try and head to the upside.
$571 and then $568.50 are downside targets, if we end up breaking down below the $578 support.
Above us, there is a box where price consolidated that we retested the bottom of back on Friday. If we are able to hold support at $578, we are likely to retest and try and secure the floor at $581. With a $582.75 break, which is cost basis, or the median of the box, we are likely to head to the bottom of the next box above us at $588.
$571 and then $568.50 are downside targets, if we end up breaking down below the $578 support.
Above us, there is a box where price consolidated that we retested the bottom of back on Friday. If we are able to hold support at $578, we are likely to retest and try and secure the floor at $581. With a $582.75 break, which is cost basis, or the median of the box, we are likely to head to the bottom of the next box above us at $588.
Note
With a Monday open at $585.12, we gapped up and completed the punchback at $582.75 that helped send us to the upside, secure the $588 floor and even move to $591.15 cost basis. price target. The move happened as predicted and we were even able to squeeze some more juice in the end.
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.
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.