On the weekly chart, we've been in a sideways range since March, and the long vector 6-7 has played out. We are waiting for the appearance of sellers at current levels, possibly at 31000, or when the price interacts with the maximum at point 5 of the sideways range. Currently, there are no conditions to open short positions.
On the daily chart we also have a sideways range and a vector of 7-8 has formed. We observed a resumption of buyers from the daily candle of 20/20/2023, characterized by a good spread and volume, but over the past day and a half on the hourly chart it has not been able to show significant progress. However, during this time, sellers did not show a significant presence.
If today's daily candle (22.10.2023) closes above 29695, it's more favorable to look for long positions at the beginning of the week with a target of 31000.
If today's daily candle (22.10.2023) closes below 29695, price interaction with the level at 29321 might help determine the local priorities for trades (short or long). New buyer and/or seller zones may also form.
Currently, there are no signs of a price reversal to play out the short vector 8-9 on the daily sideways range or the short vector 7-8 on the weekly sideways range.
Good luck in trading!
Disclaimer:
This case study is for educational purposes only and does not constitute investment advice or recommendations.
The trading or investment ideas presented here are for illustrative purposes only and are an integral part of a case study demonstrating the concepts of using volume to analyze or trade within the market scenarios discussed.
On the daily chart we also have a sideways range and a vector of 7-8 has formed. We observed a resumption of buyers from the daily candle of 20/20/2023, characterized by a good spread and volume, but over the past day and a half on the hourly chart it has not been able to show significant progress. However, during this time, sellers did not show a significant presence.
If today's daily candle (22.10.2023) closes above 29695, it's more favorable to look for long positions at the beginning of the week with a target of 31000.
If today's daily candle (22.10.2023) closes below 29695, price interaction with the level at 29321 might help determine the local priorities for trades (short or long). New buyer and/or seller zones may also form.
Currently, there are no signs of a price reversal to play out the short vector 8-9 on the daily sideways range or the short vector 7-8 on the weekly sideways range.
Good luck in trading!
Disclaimer:
This case study is for educational purposes only and does not constitute investment advice or recommendations.
The trading or investment ideas presented here are for illustrative purposes only and are an integral part of a case study demonstrating the concepts of using volume to analyze or trade within the market scenarios discussed.
Comment:
On the weekly chart, we've been in a sideways range since March, and the long vector 6-7 has played out. We are waiting for the appearance of sellers at current levels, possibly at 31000, or when the price interacts with the maximum at point 4 of the sideways range. Currently, there are no conditions to open short positions.
Good luck with your trading!
