Encountering strong resistance and rejection from $13 strong psychological level now Expecting a pullback to support Buy point 12.6 Buy and accumulate
Prices are approaching support in line with our ascending trend line where we could see a further upside above this level.
Price is approaching our first resistance in line with our horizontal swing high resistance, 78.6% fibonacci retracement and 127.2% fibonacci extension where we could see a reversal below this level to our first support target.
OCBC is seeing reversal of trend based on trendline,more drop! Entry at possible pullback at 76% fib retracement and target is in line with -27% fib retracement and horizonal swing low.
Price broke out of key descending trend line, a test of our buy entry could present an opportunity to go long and play to our take profit target. Overall direction is bullish for me now as long as prices holds above the trend line and a break above the immediate ressistance at 8.69 could see prices push higher.
Price is trading within a range now and is facing bearish pressure from our descending trend line and Ichimoku cloud and a test of our resistance could see a reversal below this level. If price breaks above our descending trend line, it could provide room for more upside confirmation.
Price is facing bearish pressure from our resistance in line with our 78.6% extension and 23.6% retracement where we could see a reversal here.
Consider it a Rising wedge or a flag/pennant (on longer timeframe). Both in my view are bearish formations in current context. Look out for the breakdown of the wedge. Target should be recent low atleast. However, I also see a cup and handle formation, therefore, bets off if the recent high is taken out and goes above the wedge formation. Disclaimer: Not a...