ERD is ranging between two trend line T1 as resistance and T2 as support.
Resistance has been tested twice at T1 and also support has been tested twice on T2.
ERD Needs to test the daily levels at 187 and have to break for a bull run. Other it is going to retrace back to 161 which is a daily support.
ERD is making RISING WEDGE PATTERN
If we see at the volume, it is decreasing but the price action is respecting the rising wedge, indication that price may fall from rising wedge. The volume needs to increase in order to break the daily level. Otherwise it going to pull back.
Resistance has been tested twice at T1 and also support has been tested twice on T2.
ERD Needs to test the daily levels at 187 and have to break for a bull run. Other it is going to retrace back to 161 which is a daily support.
ERD is making RISING WEDGE PATTERN
If we see at the volume, it is decreasing but the price action is respecting the rising wedge, indication that price may fall from rising wedge. The volume needs to increase in order to break the daily level. Otherwise it going to pull back.