After the price could touch the red line as the weekly uptrend line, it changed its direction nicely.
on March 23, the price could break the daily downtrend line (pink line) and also the intersection between the YELLOW & THE BLUE LINES with a very solid daily candle and close above it.
for many, it would be the first sign of change in the direction of the price trend. at this moment, the chart is forming a beautiful pullback to the PURPLE CIRCULAR ZONE.
According to the evidence on the chart, it is quite clear this important zone has enough potential to shoot the price at least to the 1st target which is our higher high (HH marked on the chart).
the 2nd target is the GREEN LINE that would be acting as a resistance line.
the best confirmation for this setup should be taken from 4H.
NOTICE: as everyone knows trading is reactive and not predictive. so we should always have the second scenario in every analysis. the dashed arrow would be our 2nd scenario if the price could break the purple circular zone downward strongly.
Goodluck...
on March 23, the price could break the daily downtrend line (pink line) and also the intersection between the YELLOW & THE BLUE LINES with a very solid daily candle and close above it.
for many, it would be the first sign of change in the direction of the price trend. at this moment, the chart is forming a beautiful pullback to the PURPLE CIRCULAR ZONE.
According to the evidence on the chart, it is quite clear this important zone has enough potential to shoot the price at least to the 1st target which is our higher high (HH marked on the chart).
the 2nd target is the GREEN LINE that would be acting as a resistance line.
the best confirmation for this setup should be taken from 4H.
NOTICE: as everyone knows trading is reactive and not predictive. so we should always have the second scenario in every analysis. the dashed arrow would be our 2nd scenario if the price could break the purple circular zone downward strongly.
Goodluck...
