Here are the reasons why there is a high probability that we will break past 199-200 levels.
- Notice that price is using 20 EMA as support.
- We have multiple 199 test/rejections but also notice that we have higher lows forming in this consolidation period.
- To support this idea notice that price only drops to the .50 fib. In other words, price reaches equilibrium but it's not dropping below .50 for a discount.
- These multiple confirmation I believe make this a high probability scenario to break out of the 200 levels and push up to a new range.
- Notice that price is using 20 EMA as support.
- We have multiple 199 test/rejections but also notice that we have higher lows forming in this consolidation period.
- To support this idea notice that price only drops to the .50 fib. In other words, price reaches equilibrium but it's not dropping below .50 for a discount.
- These multiple confirmation I believe make this a high probability scenario to break out of the 200 levels and push up to a new range.
Note
We broke 200 resistance! but we are not out of the woods yet since we didn't see an aggressive push past 200. the 199-200 level is broken, now the question is whether we can remain above this range for a few days to use 199-200 as support.Trade closed: target reached
200 level now acting as support and we have pushed up 210 levels.
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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.