DATE : 21/03/2022 , 09:50 IST
the price is currently trading at 232.65. on a 4H chart, we can see that price rallied in OCT 2021 going from 140 to almost 265, which is a very aggressive bullish indication. the market moved so aggressively during this period, that the time taken by order filling is very short. after applying Volume profile, we can see that we noticed a P shaped Volume Profile with LOC @ 228.65. having a very thin volume btw the prices, 140-200 price range. this is a highly bullish scenario and but currently Price, is ranging between, 211.90 & 254.70. this is the balance between buyers and sellers which is what happening right now. also we can see that there is a formation of raising wedge of a preceding bearish trend. this is a trend continuation pattern and will drive market even lower once the significant channel is broken off atleast until 190
so our suggestion is to, if price go above 235, consider booking your profits. and wait until price retraces back to 179.80 as or touching of long term trendline ( indicated in white) which ever is earlier and then buy the dip and hold for a considerably long term.
we wish you happy and successful trading.
Naveen Babu
Captain Binary investments Ltd.
the price is currently trading at 232.65. on a 4H chart, we can see that price rallied in OCT 2021 going from 140 to almost 265, which is a very aggressive bullish indication. the market moved so aggressively during this period, that the time taken by order filling is very short. after applying Volume profile, we can see that we noticed a P shaped Volume Profile with LOC @ 228.65. having a very thin volume btw the prices, 140-200 price range. this is a highly bullish scenario and but currently Price, is ranging between, 211.90 & 254.70. this is the balance between buyers and sellers which is what happening right now. also we can see that there is a formation of raising wedge of a preceding bearish trend. this is a trend continuation pattern and will drive market even lower once the significant channel is broken off atleast until 190
so our suggestion is to, if price go above 235, consider booking your profits. and wait until price retraces back to 179.80 as or touching of long term trendline ( indicated in white) which ever is earlier and then buy the dip and hold for a considerably long term.
we wish you happy and successful trading.
Naveen Babu
Captain Binary investments Ltd.
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