The price seems to be rebounding from the weekly support zone
but the bearish
market structure is still intact. Long positions should be opened only after the change in market structure i.e. after the breach of the previous high. The falling wedge
pattern provides one more narrative for the Bullish
reversal. The RSi
is also curving up, which indicates a potential bullish
momentum. But currently, the price is taking resistance from the 50EMA. The long positions should only be opened above 2260.
The targets which I am looking at:
Always use an appropriate Risk-Reward ratio as per your strategy.
P.S: This is NOT investment advice. This chart is meant for learning purposes only and is a part of my personal journal. Invest your capital at your own risk.