Wedge inside a wedge with upward intentions
On daily chart the price is inside huge downward wedge, which in the long run should reach price of 218.77.
On hourly chart we can see a local downside wedge inside the global big one. This indicates that the price is currently in correction.
Prediction A) The price continues to go up since it has bounced off the bottom of global wedge and recently tested MA200, it should break the local channel and MA200 and go up to price 120.00, then globally the price should continue to go up to 218.77 and reach the global wedge top.
Prediction B) The price will break the local channel downward and drop to level 109.93, then bounce off of it and continue up to 218.77.
It would be best to wait for price to reach level 109.78 and wait for reversal signals to ride the price up to level 218.77. Of course, this trend might continue for a few months and global politics might change the price course, but at the moment technical analysis gave me this idea.
This is not a financial advice, please do your own due diligence if you plan to trade.
Also, please feel free to comment your thoughts and predictions about the price action for the upcoming days.
On hourly chart we can see a local downside wedge inside the global big one. This indicates that the price is currently in correction.
Prediction A) The price continues to go up since it has bounced off the bottom of global wedge and recently tested MA200, it should break the local channel and MA200 and go up to price 120.00, then globally the price should continue to go up to 218.77 and reach the global wedge top.
Prediction B) The price will break the local channel downward and drop to level 109.93, then bounce off of it and continue up to 218.77.
It would be best to wait for price to reach level 109.78 and wait for reversal signals to ride the price up to level 218.77. Of course, this trend might continue for a few months and global politics might change the price course, but at the moment technical analysis gave me this idea.
This is not a financial advice, please do your own due diligence if you plan to trade.
Also, please feel free to comment your thoughts and predictions about the price action for the upcoming days.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.