Hello everyone,
After the MA50 was broken (short signal) a higher bottom was formed at 590 and strongly rebounded back by the MA50, this has in fact been a bear trap with a reverse strong movement as a result. I have waited a while for confirmation with an outbreak by the red top line and negative divergence in the RSI.
Today the red top line has been broken as well as the falling resistance line in the RSI, this results in a further continuation upwards towards 640. Downside is the gap at 617 which can still be closed.
Resistance lines: 640
Support lines: 621/617
Success traders,
Regards,
TT
After the MA50 was broken (short signal) a higher bottom was formed at 590 and strongly rebounded back by the MA50, this has in fact been a bear trap with a reverse strong movement as a result. I have waited a while for confirmation with an outbreak by the red top line and negative divergence in the RSI.
Today the red top line has been broken as well as the falling resistance line in the RSI, this results in a further continuation upwards towards 640. Downside is the gap at 617 which can still be closed.
Resistance lines: 640
Support lines: 621/617
Success traders,
Regards,
TT
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