Falling wedge and Fib Retracement - BULLISH
ZIL currently has one of the setups we are searching for the most. In the long term uptrend, it is important to search for multiple confirmations of buy-back levels. ZIL has several of them.
The first thing we can notice is the same falling wedge pattern. The second is the two horizontal lines that have been drawn from the daily chart, displaying old and strong support levels. Last but not least, we used the Fibonacci Retracement Levels from the bottom Swing to the High Swing levels.
The strongest level being 0.618, we can spot 2 wicks down reaching this support at 150 sat. The 2 wicks down are confirming the demand on this zone.
Our strategy will be to buy back this level and eventually wait for lower levels to accumulate more ZIL. On the other hand, more conservative traders can wait for a breakout of the falling wedge before entering a position.
The first thing we can notice is the same falling wedge pattern. The second is the two horizontal lines that have been drawn from the daily chart, displaying old and strong support levels. Last but not least, we used the Fibonacci Retracement Levels from the bottom Swing to the High Swing levels.
The strongest level being 0.618, we can spot 2 wicks down reaching this support at 150 sat. The 2 wicks down are confirming the demand on this zone.
Our strategy will be to buy back this level and eventually wait for lower levels to accumulate more ZIL. On the other hand, more conservative traders can wait for a breakout of the falling wedge before entering a position.
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Breakout occured
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