The market moves in a horizontal channel between 85.00 and 100.00 levels. Now the price is at the bottom and we have a buy opportunity. RSI confirms price reversal and MACD histogram supports upward movement. DMI allows opening long trades. Pending orders for buy should be placed above the local high at 89.50 level. Stop orders must be placed at 84.30 level. The main profit target is 100.00 level. The part of trade volume can be left for long run.
Thanks, by your analysis, as always useful!! @DLavrov you was planning a trading course, any news about it?
wekejeki
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Thank you for the analysis!
fetsp
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Do you have any indicators you recommend for traders?
kimmarkets
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Should we dive in now?
Wheelman-
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@filiwnydd, yeah, it's in the lower part of the channel, so the trade has a higher risk:reward ratio. However, to be more conservative, the upper resistance line could be drawn from the two recent highs (candles, not wicks), showing we're in descending triangle pattern.
nginx
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@WheelmanM80, A descending triangle pattern is entirely possible but I think the angle of the line connecting the tops is too narrow to form a descending triangle. A horizontal channel consolidation seems more like the appropriate conclusion.
pop.remus
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@WheelmanM80, wicks or candles are both valid interpretations as long as you stick to one or the other
Thanks.