First of all look the support area around 10.00 that was resistance in several occasions in different years (2011 and 2015) Then this resistance was the support of the price in the 2017 and now the price leave this level and is breaking another level of resistance around 12.00 level. and here is where we are now with a pullback in progress.
This idea work for swing trading and position trading in general the targets vary from 16.00 to 22.00 respectively based in past resistance levels.
This type of simple analysis is for a long term trade,
The setup of the chart is weekly bars with a ten year view in a Top-Down Analysis
www.investopedia.com.../topdownanalysis.asp
For my Analysis I use weekly and daily charts but with a different set up of the moving averages
https://www.tradingview.com/chart/VEIBUXco/
I also look candlesticks, but the the interpretation is no a exact science and I do not put fancy names to candlesticks.
This idea work for swing trading and position trading in general the targets vary from 16.00 to 22.00 respectively based in past resistance levels.
This type of simple analysis is for a long term trade,
The setup of the chart is weekly bars with a ten year view in a Top-Down Analysis
www.investopedia.com.../topdownanalysis.asp
For my Analysis I use weekly and daily charts but with a different set up of the moving averages
https://www.tradingview.com/chart/VEIBUXco/
I also look candlesticks, but the the interpretation is no a exact science and I do not put fancy names to candlesticks.