As you can see in the chart, Price has come down below the support zone, Now this zone might act as the resistance for the price.
I'm suspecting that this short upward move is a pullback movement and once the price hits the resistance the prices can move sharply downwards. Be cautious.
Long if it breaks the high of the previous day with a stop loss at the previous day's low.
Short if it breaks the low of the previous day with a stop loss at the previous day's high.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed...
Redone the charting as previous one was based on weekly.
On the 1 hr TF i see the down trend (Lower Highs) broken nicely AND RETESTED now.
Let's see if it goes on to mark the targets marked in BLUE.
SL marked in YELLOW (support zone)
NO "SELL" SIGNAL.
MOVING IN THE UPWARD CHANNEL.
AT THE BOTTOM OF THE CHANNEL AND ALONG THE TREND LINE.
ABOVE 90, IT WILL ENTER INTO THE BULLISH ZONE.
BELOW 87, IT WILL BE IN THE BEARISH ZONE.
FROM THE HOUR CHART, THERE IS A TWIST WHICH SHALL SEE PRICE LEVELS GOING UP.
(STOP LOSS - PERSONALLY, I THINK IT IS ALREADY UNDERVALUED VIS-A-VIS IT'S POTENTIAL....
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ASHOKLEY
