KCS is overall bullish trading inside the orange megaphone pattern.
Since it is sitting around the lower bound / trendline and green minor support, we will be looking for Trend-Following Buy setups.
However, KCS broke below the green zone, and it is currently retesting it, so the bears might still kick in for another bearish impulse till the lower blue support.
In this case, we will be looking for new buy setups as the price approaches the blue support.
That's why we want to wait for extra confirmation before buying, by waiting for a break above the gray area. In this case, the bulls would prove control again by breaking above the green zone.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Since it is sitting around the lower bound / trendline and green minor support, we will be looking for Trend-Following Buy setups.
However, KCS broke below the green zone, and it is currently retesting it, so the bears might still kick in for another bearish impulse till the lower blue support.
In this case, we will be looking for new buy setups as the price approaches the blue support.
That's why we want to wait for extra confirmation before buying, by waiting for a break above the gray area. In this case, the bulls would prove control again by breaking above the green zone.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL
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