This analysis is purely based on Price Action
Analysis is done on Weekly Time Frame, Hence it may take few weeks to couple of months for price to reach target. Traders should consider this before entering into the trade.
As can be seen, Price has been testing the resistance level multiple times.
But this time, after getting rejected from that resistance level, it took good support from 200EMA and is again ready to test that resistance level. And good increased volumes can be seen in this long rally.
Trade Strategy -
(1) Entry after the resistance is broken with increased volume (on Day Closing Basis). SL can be just below 2004 level. Targets can be seen in green line in image.
(2) if breakout candle is big, then wait for retest and then enter. Put SL right below that resistance level because now it will act as Support.
(3) If price consolidates below this resistance level without making any new low.. then one can enter on high of green candle with increased volume and SL can be right below that consolidation zone.
*Trade on your own risk and money management*
Feel Free to comment for any queries or suggestions
Analysis is done on Weekly Time Frame, Hence it may take few weeks to couple of months for price to reach target. Traders should consider this before entering into the trade.
As can be seen, Price has been testing the resistance level multiple times.
But this time, after getting rejected from that resistance level, it took good support from 200EMA and is again ready to test that resistance level. And good increased volumes can be seen in this long rally.
Trade Strategy -
(1) Entry after the resistance is broken with increased volume (on Day Closing Basis). SL can be just below 2004 level. Targets can be seen in green line in image.
(2) if breakout candle is big, then wait for retest and then enter. Put SL right below that resistance level because now it will act as Support.
(3) If price consolidates below this resistance level without making any new low.. then one can enter on high of green candle with increased volume and SL can be right below that consolidation zone.
*Trade on your own risk and money management*
Feel Free to comment for any queries or suggestions