It can be observed on the daily chart that an upward channel has been formed. As trader's it is known that the safest best is always to follow the trend. Price has failed to break past L2 Resistance however this was during the time of the Middle East Tensions between USA and Iran. With major seller rejection being seen at L1 Resistance which is now recognized as a support level. A perfect buying opportunity would be a break and retest of the L2 Resistance moving towards L3 Resistance. On the 4H Chart a morning star has been formed right at the support area which is just the indication we need for the bullish move.
However on the Weekly Chart our Bullish Engulfing candle has been followed by a neutral candle with heavy buyer rejection which could hint at market moving back to the trend line's support providing us with a better buy opportunity.
Patience is key in the markets.
However on the Weekly Chart our Bullish Engulfing candle has been followed by a neutral candle with heavy buyer rejection which could hint at market moving back to the trend line's support providing us with a better buy opportunity.
Patience is key in the markets.
