Found a bullish engulfing patterns on the area of support.
The MA50 and long term trendline and previous support acting as a good bounce back zone after a pullback.
Stop loss is set at the lows of the engulfing giving the price some time to take off to the target levels which is the nearest swing high or resistance area on the chart.
Its a simple price action move with a not so impressive R multiple.
last but not the least the volume on the engulfing looks very promisingly good.
Hoping for the best!
The MA50 and long term trendline and previous support acting as a good bounce back zone after a pullback.
Stop loss is set at the lows of the engulfing giving the price some time to take off to the target levels which is the nearest swing high or resistance area on the chart.
Its a simple price action move with a not so impressive R multiple.
last but not the least the volume on the engulfing looks very promisingly good.
Hoping for the best!
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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.