For sure, either up, or down. Depends on the direction it chooses, these are my lines that I am following.
Cup and handle seems to be a strong indication of an up move; however, until it breaks 6.977 resistance and retests the black conventional support line it is all imagination.
We also need a relatively high volume to avoid sideways range and to go on a direction.
One thing that's negative is the divergence in RSI. It shows that the breakout and retest of 6.977 is significantly important.
If it chooses to go down instead, breakout and retest of 5.724 is critical because if you look at the chart on daily timeframe, you may see a head and shoulder formation which can take us 3.836.
Either way, long or short, I wish all of us a happy trading.
-this is my idea, not financial advice.-
Cup and handle seems to be a strong indication of an up move; however, until it breaks 6.977 resistance and retests the black conventional support line it is all imagination.
We also need a relatively high volume to avoid sideways range and to go on a direction.
One thing that's negative is the divergence in RSI. It shows that the breakout and retest of 6.977 is significantly important.
If it chooses to go down instead, breakout and retest of 5.724 is critical because if you look at the chart on daily timeframe, you may see a head and shoulder formation which can take us 3.836.
Either way, long or short, I wish all of us a happy trading.
-this is my idea, not financial advice.-
Trade closed: target reached