The price broke out of the downtrend line with high volume and rallied out of the falling wedge. But it faced resistance at the previous swing high. The market structure is still bearish. For the market structure to become bullish, the price must move up from 200 level and create new HH and HL. The price has been forming a falling wedge pattern, which is a bullish reversal pattern. Long positions can be opened on the breakout of 200 level(Above 200EMA).
The targets which I am looking at: Target 1: 208 Target 2: 229 Target 3: 253
You are always advised to use an appropriate Risk-Reward ratio as per your strategy.
If you like my charts, make sure to share and comment.
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.
Comment
⋅
Break of Structure with good volume. The RSI is on higher levels, the price might consolidate for a bit before shooting up.