Whirlpool - Kissing the Weekly support

23 мая 2021 г.

The price seems to be rebounding from the weekly support zone but the bearish market structure is still intact. Long positions should be opened only after the change in market structure i.e. after the breach of the previous high. The falling wedge pattern provides one more narrative for the Bullish reversal. The RSi is also curving up, which indicates a potential bullish momentum. But currently, the price is taking resistance from the 50EMA. The long positions should only be opened above 2260.

The targets which I am looking at:
Target 1: 2517
Target 2: 2738

Always use an appropriate Risk-Reward ratio as per your strategy.

P.S: This is NOT investment advice. This chart is meant for learning purposes only and is a part of my personal journal. Invest your capital at your own risk.