On the weekly timeframe market has rejected weekly support with a bullish engulfing candle. On the daily market has broke above daily resistance with a bullish impulse, followed by a correction to retest the previous resistance now turned support and has rejected the new support a number of times. also forming a nice inverted head and shoulders from a daily perspective.... On the 4hr TF market is consolidating in this bullish pennant pattern (on the right shoulder) we are waiting to see if market will break above the mid support line of the pennant, then if all of our entry rules are met we will be taking a nice long. TP will be the 0.272 of the fibonacci taken on the daily retracement.
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.