An ascending channel (green) might be taking shape. I had previously drawn a blue ascending channel however I am more confident in this green channel though we still need some more confirmations (especially at the bottom of the channel). I like this setup because it gives the price a better opportunity to breakout of the purple channel. Also this path would establish a higher high on the weekly chart before we get more upside (which is why I have put the possible breakout to the upside after the close the week). The close of the week also aligns well with the expected golden cross of the 50d and 100d MA.
評論
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評論
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clarified update above a bit.
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See update of update... sorry :-)
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Still believe it is likely that we will go lower (to 7200'ish) currently price is under support in my chart (middle of green channel) if you even deem that support?
@TalhaAltinozek, thx. What is your opinion on going to 7200? It seems pretty bullish if we already turn around at 7300 without any support lines below the price (at least in my chart).
TalhaAltinozek
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@pragmaticbestfit, the mid line of your up channel looks like our new support creating higher lows. It's not going under that but creeping upwards. So next move up is going to be higher than previous highs but it still looks hard to break 7700 area, not only it's 50 EMA but there's also a diagonal resistance coming down from april 21st.
I'm both long and short at this point. Short term long, long term short :)
pragmaticbestfit
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@TalhaAltinozek, Yeah agree. But my experience with mid lines is that they are easy to cross so don't know how much I would regard it as a support line. I think lines of a pattern (e.g. bear flag lines) would be a stronger indicator of short term support. Yes 7700 looks hard but maybe with time. Also I think 12d EMA is in 7600 area and moving down slightly.
pragmaticbestfit
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@pragmaticbestfit, I am keeping my short position open and slowly moving stop loss/take profit outside purple channel