awaiting to break the long term descending triangle
I saw a buy:
1. as you can see it is trying to break 4 times already, and it is yet to be broke.
let's see if it can break it out at its 5th time, before breaking lower.
2. high highs appeared, market rejected the lower price and hence push to support level and above.
3. latest candle closed at 52.5 above, higher than support level.indicating the market neglected to break the support.
4.as long as no lower lows appear in the chart, it should be heading north as the supporting level is working to prevent it moves lower.
5. It is trying to stay above 0.236 (Fibo) for few times. Consolidating around this level, which is also building a strong support/ resistance level for its future use.
6. an if it ever break the supporting trend line, then it should be south all the way down to 38.2, and rebound strongly from there.
7. 57.3-57.5 is the major support and resistance level, once it break here, then it could go north all the way by breaking the levels i mentioned in chart.
Good luck
1. as you can see it is trying to break 4 times already, and it is yet to be broke.
let's see if it can break it out at its 5th time, before breaking lower.
2. high highs appeared, market rejected the lower price and hence push to support level and above.
3. latest candle closed at 52.5 above, higher than support level.indicating the market neglected to break the support.
4.as long as no lower lows appear in the chart, it should be heading north as the supporting level is working to prevent it moves lower.
5. It is trying to stay above 0.236 (Fibo) for few times. Consolidating around this level, which is also building a strong support/ resistance level for its future use.
6. an if it ever break the supporting trend line, then it should be south all the way down to 38.2, and rebound strongly from there.
7. 57.3-57.5 is the major support and resistance level, once it break here, then it could go north all the way by breaking the levels i mentioned in chart.
Good luck