Todays candle has been stuck between the T-line(yellow) and the 200 EMA(orange). Being that the market is currently bullish and we finally closed above the t-line yesterday I anticipate the candle to eventually break and close above the 200EMA when it finally gets squeezed over it by the t-line. In the meantime I anticipate we will see the candle wick below the t line a couple times since the 200EMAs resistance is being reinforced by the light green fib retracement line. Far too tight of a range right now to do any range trading. It's been the same price for hours. Hopefully that will change sometime today as a break for the bears.
Commentaire:
Still holding pretty stationary between the tline and 200 day EMA. I expect a temporary wick below and possibly one above but so far it's acting just as I had predicted.
Commentaire:
Even though the price action today did exactly as I predicted it would and also formed another higher low/higher high combo which is great in an ongoing bull trend, it also formed a red doji, coming off of a bullish pattern which could potentially signal a reversal anto a temporary dip..keep a close eye on volume, rsi, mac d, and any sort of gaps down on the next candle to signal whether or not we're in for a dip or not. If so pull out as much as you're comfortable with and get ready for the next bounce. we are still potentially in this descending wedge, the vwery tip of it in fact so there's a chance it ay just bounce right off the bottom of the wedge without actually having to drop much in price range the bounce out of the top of the wedge to end it and continue it's bull run...just be prepared for whatever happens, choose wisely, and make your own decisions as this is not financial advice ;)