It looks like the market is going to reach 9000.00 resistance and the previous market high at 9200.00 level.
At the same time, the daily chart tells us about a possible pullback. The price is below SMA200.
If we combine both timeframes, we should say that the resistance zone can stop the upward movement and push the price downward.
The 4H chart is going to give us bearish signals from RSI and MACD histogram. If the price bounces from the resistance zone, the price reversal will be confirmed by these indicators.
We talked about possible buy opportunities in this market with the target at 9000.00 resistance. What should you do if you missed that buy opportunity? The plan is simple, to wait for the pullback to SMA100 and 8500.00 level. The reversal will give a new buy opportunity in the direction of the main uptrend. It is my simple plan, which I will follow. If you have another point of view, please share in comments.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
At the same time, the daily chart tells us about a possible pullback. The price is below SMA200.
If we combine both timeframes, we should say that the resistance zone can stop the upward movement and push the price downward.
The 4H chart is going to give us bearish signals from RSI and MACD histogram. If the price bounces from the resistance zone, the price reversal will be confirmed by these indicators.
We talked about possible buy opportunities in this market with the target at 9000.00 resistance. What should you do if you missed that buy opportunity? The plan is simple, to wait for the pullback to SMA100 and 8500.00 level. The reversal will give a new buy opportunity in the direction of the main uptrend. It is my simple plan, which I will follow. If you have another point of view, please share in comments.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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The Double Top?
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