The chart is the 4-hourly chart.
A price action above 5400 supports a bullish trend direction.
Increase long exposure for a break above 5600.
Target is set at 5700, which is the middle of the Bollinger Bands.
Stop-loss at 5400 and will negate the bullish bias as well.
The stock recently started rebounding from oversold territory (see the lower panel).
The share is rebounding from its oversold condition, indicating that buyers have entered the market, and the share's price is likely to increase in the near term.
This type of correction can be seen as a sign of a potential reversal in the share's trend and may signal a buying opportunity for traders looking to take advantage of the rebound.
Furthermore, the share crossed above its 200-day - changing the sentiment towards it.
Remains a risky trade.
A price action above 5400 supports a bullish trend direction.
Increase long exposure for a break above 5600.
Target is set at 5700, which is the middle of the Bollinger Bands.
Stop-loss at 5400 and will negate the bullish bias as well.
The stock recently started rebounding from oversold territory (see the lower panel).
The share is rebounding from its oversold condition, indicating that buyers have entered the market, and the share's price is likely to increase in the near term.
This type of correction can be seen as a sign of a potential reversal in the share's trend and may signal a buying opportunity for traders looking to take advantage of the rebound.
Furthermore, the share crossed above its 200-day - changing the sentiment towards it.
Remains a risky trade.