The MA 40 on the weekly chart seems to
serve as a sufficient support / resistance
throughout the chart.
Every time there is a significant drop below
the MA 40 price action tempt to get back to it.
Although overall price action is in a down
trend i believe it will be heading straight
back to the MA 40 as soon as the median of the
descending channel is broken.
Previously it could only get through on the
6th attempt but thereafter it managed to get
through on the 1st attempt.
I suggest wait for the bottom trend line to be
bridged and re-tested before attempting a LONG.
serve as a sufficient support / resistance
throughout the chart.
Every time there is a significant drop below
the MA 40 price action tempt to get back to it.
Although overall price action is in a down
trend i believe it will be heading straight
back to the MA 40 as soon as the median of the
descending channel is broken.
Previously it could only get through on the
6th attempt but thereafter it managed to get
through on the 1st attempt.
I suggest wait for the bottom trend line to be
bridged and re-tested before attempting a LONG.
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