Analysis on Daily TF and Trade for Positional Trade:
Daily TF:
Dynamic support and resistance (EMA50 & EMA79): Will Act as Resistance Chart Pattern: Falling Wedge MACD: Bullish Stoch RSI: Nearing Overbought Range CPR: Bearish Bias and Script breaks the CPR below Build Up: Support at 622.50-609 Range ATR: Flat
Higher TF (Weekly)
Dynamic support and resistance (EMA50 & EMA79): Will Act as Support Chart Pattern: Falling Wedge & Flag MACD: Bearish Stoch RSI: Oversold Range Build Up: Yes ATR: High
Lower TF (2Hrs)
Dynamic support and resistance (EMA50 & EMA79): Will Act as Resistance Chart Pattern: Ascending Triangle MACD: Bullish Stoch RSI: Overbought Range CPR: Breakout Above - Bullish Bias Build Up: Yes at Support ATR: Flat
Based on our analysis: Entry - Wait for the Breakout of the pattern in Daily TF or Entry post breakout of structure in 2HR TF. SL - 607.50-1ATR
Daily TF Chart:
Weekly TF Chart:
2Hr TF Chart:
Disclaimer: Kindly do your own analysis before executing the trade and contact your financial advisor.