In the daily chart it forms an ascending triangle denoted by the thick blue line.
Also, I see a perfect ascending triangle in the 4hr chart (denoted by the dashed/dotted red line). The candle sticks are hovering at the horizontal line of the triangle. This is good.
MACD looks like it has confirmed the uptrend and RSI is currently at 59. I guess there is some more room for the buyers I'd say.
To summarize, at the moment, it seems very likely that it'd break out. in case it doesn't then it'd follow the blue curve within the ascending triangle, accumulate for a while and eventually breakout at a slightly later point.
That said, I'd set my trade at the points below
Buy at the red line above the triangle @ 306
Take profit at 332 (note: this is also .618 fib level in the daily chart)
Stop loss at 294 - 296
This is a conservative approach. ie: i'll buy once the break out is confirmed.
A more aggressive approach would be
Buy @ 301 - 304
Profit @ 332
SL @ 294 - 296
As always, appreciate your feedback and thank you!
Also, I see a perfect ascending triangle in the 4hr chart (denoted by the dashed/dotted red line). The candle sticks are hovering at the horizontal line of the triangle. This is good.
MACD looks like it has confirmed the uptrend and RSI is currently at 59. I guess there is some more room for the buyers I'd say.
To summarize, at the moment, it seems very likely that it'd break out. in case it doesn't then it'd follow the blue curve within the ascending triangle, accumulate for a while and eventually breakout at a slightly later point.
That said, I'd set my trade at the points below
Buy at the red line above the triangle @ 306
Take profit at 332 (note: this is also .618 fib level in the daily chart)
Stop loss at 294 - 296
This is a conservative approach. ie: i'll buy once the break out is confirmed.
A more aggressive approach would be
Buy @ 301 - 304
Profit @ 332
SL @ 294 - 296
As always, appreciate your feedback and thank you!