OGN is creating higher lows and lower higher >>> Converging or consolidating for the big move ahead on either sides.
1. Daily resistance was broken at 3720 and it went all the way up to test the new resistance at 4533. WIcking past 4533 and gets rejected to retrace back to newly created daily support where candles are right now at 3720.
2. Both the bulls and bears in control, but the candles are at support level but it is testing the support. More times a level is tested, the weaker it becomes.
3. Also, the volume is decreasing at the support level, an indication of weaker support.
4. A large volume will be needed to reject the support and then it could go to test the resistance at 4533.
Right now, wait for large volume and rejection from the support level, if it happens then enter the trade for long.
But, if the volume does not increase then to test 3252 daily support.
Wait for rejection and let the new candle form above the current level.
Trade safe.
1. Daily resistance was broken at 3720 and it went all the way up to test the new resistance at 4533. WIcking past 4533 and gets rejected to retrace back to newly created daily support where candles are right now at 3720.
2. Both the bulls and bears in control, but the candles are at support level but it is testing the support. More times a level is tested, the weaker it becomes.
3. Also, the volume is decreasing at the support level, an indication of weaker support.
4. A large volume will be needed to reject the support and then it could go to test the resistance at 4533.
Right now, wait for large volume and rejection from the support level, if it happens then enter the trade for long.
But, if the volume does not increase then to test 3252 daily support.
Wait for rejection and let the new candle form above the current level.
Trade safe.