There we have R3, R2, and R1 on the top of the chart which are our resistance areas with the presentation of unsuccessful triumphs of the price to rise. S1 used to be a resistance line. And S2 is a support area that includes the well support of price at some points. The price behavior in the past was descending after not being supported at R3. So it experienced a kind of waterfall decline down to our second support area and there after some supportive behavior, it was capable of breaking S1 line upward and at its last rejection at R1, by a Marubozu candle it faced a decline and now it is moving above this area. Therefore, we see the fluctuation of price below R1 after its support and our expectation would include another support and another rise toward R1 which will end in an increase even over R1. When the price fixes itself over this area, more rise will be expected for it to reach higher amounts. Even it is possible that the pressure of seller is high by the time the price breaks R1 upward. Wait for the proper moment to put your orders and act wisely. Now we can say that the price is not on a decline but gain we should consider the market situation in the lower time frames and make sure what will happen exactly. We highly recommend you to obtain every piece of information and idea through our updates for enjoying more profitable trades. Keep in mind to consider market conditions in lower time frames in order to make sure of a good point to put your trade order, we suggest you to wait for the time which the price is in its return upward.
Warning: This is just a suggestion and we do not guarantee profits. We advise you to analyze the chart before opening any positions.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.