The area around 1155 (yellow horizontal line) is an important resistance on daily timeframe
It was broken on 5 july with higher than average volume
The next immediate resistance was 1199 (pink horizontal line) , which is now broken again with a good higher than average volume
On a 2 hrly time frame , inverted H&S pattern has also been formed (neckline is blue line on the chart)
The next immediate resistance are marked as white horizontal lines
SL keep below shoulder 1160
Conservative Tgt around 1266
can increase trgt towards next resistance of 1284 and further based on candle and momentum
The rise in ATR on breakout also provides confirmation
It was broken on 5 july with higher than average volume
The next immediate resistance was 1199 (pink horizontal line) , which is now broken again with a good higher than average volume
On a 2 hrly time frame , inverted H&S pattern has also been formed (neckline is blue line on the chart)
The next immediate resistance are marked as white horizontal lines
SL keep below shoulder 1160
Conservative Tgt around 1266
can increase trgt towards next resistance of 1284 and further based on candle and momentum
The rise in ATR on breakout also provides confirmation
Note
First tgt reached, Can keep new Trailing SL around 1233Trade closed manually
trade further if risk takers, otherwise exit and book profits as momentum is low now
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.