A we ll try to find an entry price within the expected pull back zone 15.20- 16.00 as previously being back tested.
OBV breaking up supporting
diverges the price crossing down the zero level as well as shown in the chart.
DETAILS ON THE CHART
NOTE: Entry range area above the entry point, is calculated upon 80% of the recorded pullback back tested past performances
DISCLAIMER: This is a study, not an advice or recommendation to invest money on.
I use statistical tools only, trying to back test and track overbought and oversold zones in a short term only. It is difficult to depict my strategy within a chart. That's true...
As a day trader there is no time left to draw or to comment in a real time.
Speaking in technical analysis terms I could note the following:
a beautiful reversal hammer shaped on 13/2 on 1 day frame chart
3 "denials" looking like hammers on 03/07, 21/8, 13/11 on the trendline on the weekly chart
a remarkably big positive volume regarding current week
According to my point of view there is a 87% potential to move upwards up to 17.30.
Furthermore, in a longer term view and taking under consideration notes as above, it may brake the doted trendline and heads up (as a first step) to resistance level of 23.70.
It may go longer actually but we must be concise after all...