THE CABLE 15 min chart analisys:
We can notice a possible accumulation range, we notice that the volumes are not high when the price reaches the resistance line and this means that the interest in selling is shrinking.
Now we should follow the price action, price could:
1 retest the support line and create another stronger spring (not likely)
2 moving up strongly and breaking the resistance ( we may consider to open a position ONLY if price retests the resistance line)
3 continuing the ranging market for the next 1-2 days ( in this case we SHOULD NOT open any long position because the accumulation scheme would have failed and it might be a redistributon).
Follow me and stay tuned!
The Italian trader
We can notice a possible accumulation range, we notice that the volumes are not high when the price reaches the resistance line and this means that the interest in selling is shrinking.
Now we should follow the price action, price could:
1 retest the support line and create another stronger spring (not likely)
2 moving up strongly and breaking the resistance ( we may consider to open a position ONLY if price retests the resistance line)
3 continuing the ranging market for the next 1-2 days ( in this case we SHOULD NOT open any long position because the accumulation scheme would have failed and it might be a redistributon).
Follow me and stay tuned!
The Italian trader
we do not trade!