Double bottom chart pattern is formed in weekly time frame with support at 58.5. There price action is supported by volume also as there is spike in the volume as highlighted.
If the price closes above 131.25 followed by confirmation candle then target 1 would be 172.4 using Fibonacci retracement tool.
Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.
If the price closes above 131.25 followed by confirmation candle then target 1 would be 172.4 using Fibonacci retracement tool.
Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.
Trade closed: stop reached
1. The price is above 21 EMA (short term trend), 50 EMA (medium term trend) and 200 EMA (long term trend) indicating a strong uptrend.
2. Gravestone doji is formed indicating the pullback is over.
3. Wait for price to close above 131.24 to initiate the trade.