Ascending wedge break to the right of long term upward support with highs being hit at 24150 key area of Resistance to test for an attempt at an upward breakout.
23000 is support area for the current range.
Weekly crossover for bullish shift and the ema dots are firing green.
But, keep in mind that we don't have a close on the weekly till may 4th.
Overall the weekly is in development and trying to recover from the crash.
We want to watch the open and see if it can push through 24150 with good volume pushing on the books.
Currently the one hour is green. If I get a Crossover on the 1 hr to the downside from rejection I'd than look for a 24000 break for a short to test 23000
If breaks to the upside your going to want to see it push towards the old wedge support and see if it rejects as new Resistance. That would be a good place to take profits.
We need to keep in mind that the monthly and the 3 month are overall bear pressure.
We now scout the weekly to try and find a good long term position to enter here, but it results in if we want to make higher highs or lower lows on the smaller timeframes
We still have to be conservative with the higher timeframes.
If this ranges breaks down than it could be a Distribution play and could result in a good size drop.
I hope this helps, I wish you all the best of luck trading this week!
Have a blessed day. 😁
23000 is support area for the current range.
Weekly crossover for bullish shift and the ema dots are firing green.
But, keep in mind that we don't have a close on the weekly till may 4th.
Overall the weekly is in development and trying to recover from the crash.
We want to watch the open and see if it can push through 24150 with good volume pushing on the books.
Currently the one hour is green. If I get a Crossover on the 1 hr to the downside from rejection I'd than look for a 24000 break for a short to test 23000
If breaks to the upside your going to want to see it push towards the old wedge support and see if it rejects as new Resistance. That would be a good place to take profits.
We need to keep in mind that the monthly and the 3 month are overall bear pressure.
We now scout the weekly to try and find a good long term position to enter here, but it results in if we want to make higher highs or lower lows on the smaller timeframes
We still have to be conservative with the higher timeframes.
If this ranges breaks down than it could be a Distribution play and could result in a good size drop.
I hope this helps, I wish you all the best of luck trading this week!
Have a blessed day. 😁