BULLISH MOMENTUM! Clear confluence, Read below.

CENTRALBK

Date: 03/07/2023

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Disclaimer: This is just my observation, please do not consider this idea as financial advise. It is important that each individual should due his/her own due diligence before taking a financial decision, more so in the money markets!
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• The uptrend seen in the chart is reflected in the RSI. This indicates a good upward momentum. This is by using RSI as a momentum gauge rather than a "overbought and oversold" gauge.
  
  
  
  The trend has bullish breakthrough in the triangle pattern.
  
  
  
  After the recent bullish change of character, we can see that today as of me writing this idea, there is a bullish break of structure. This provides a strong chance of bullish momentum in the coming days.
  
  
  
  The price has tested the 21 and 50 day SMA's and risen past it in the past few days with stride.
  
  
  
  Price is still in the mid discount zone. Decent entry point.
  
  The above points proves a confluence of bullish momentum
  
  Take profit would be taken in reference to previous highs as this would serve as a passive resistance zone.
  
  TAKE PROFIT 1 = 31.2
  TAKE PROFIT 2 = 33.4
  TAKE PROFIT 3 = 34.5
  
  Advisable not to go beyond as the area is not strongly tested.
  
  
  
  
  Good luck!
  
  

Trade fermée: cible de profit atteinte:

TAKE PROFIT LEVEL 1 was touched but due to excessive selling at a discount the price is rallying up and dropping a lot today.

I am holding strong till TP 2.