Here are some of the technical points
- Supportive and Resistant Points/Boxes
- 50 Simple Moving Average
- Neither higher highs nor lower lows "locked"
- A trendline that is neither too tight or too loose
I set this chart to have buyers in the shaded regions in green and blue. The more aggressive buyers came in the approximate 2560, and then the ones with less force "weaker hands" came in to drive prices up out of the 2580-90 territory in blue.
The yellow 50 simple moving average is as confused as this range, with a low of 2550 and high of 2670 the signal of price crossing through each time signaled bull or bear fairly accurately.
When we compare the chart from earlier in the week we can see that I started coloring HIGHER LOWS in blue and more are beginning to appear.
As the bears would interpret this chart, the lower highs coming in are also following a similar pattern, so its still a tug-of-war
Now, the slope of this trendline in black is subject to review because they can be broken quickly, and the other is the angle, it has 3 points of touch, and for the most part captures trend, but as I type price is right at 2642 which can mean any offering would drive it down and as a result invalidate the trendline.
It would seem really convenient to place a trendline and then at the moment you place it, it breaks, leading to a bearish resolution, but we can't plan or influence these things to happen.
Trade well!
No comments:
Post a Comment