Continued from the Daily 233 day moving average, and as we translate that moving average to the weekly, we can now see the future significance of the price as it pertains to the weekly.
Currently, the 233 weekly moving average has a price of 2830, so that is where the lower channel line gets placed, at least in my world, and the past price history (overall) conforms to the channel nicely. I believe it will respect the 233 weekly moving average and the channel.
Things to consider:
Will price drop to 2830? Not necessarily, there is no certainty in markets.
What if prices crosses below the 233 weekly MA? For me, it's fine as long as it doesn't close below the line on a weekly time frame!
What if it closes below the 233 MA on a weekly time frame? That would be troublesome, and the bottom has not been found!
Now you know my price target/area to buy!
Good Luck!
Currently, the 233 weekly moving average has a price of 2830, so that is where the lower channel line gets placed, at least in my world, and the past price history (overall) conforms to the channel nicely. I believe it will respect the 233 weekly moving average and the channel.
Things to consider:
Will price drop to 2830? Not necessarily, there is no certainty in markets.
What if prices crosses below the 233 weekly MA? For me, it's fine as long as it doesn't close below the line on a weekly time frame!
What if it closes below the 233 MA on a weekly time frame? That would be troublesome, and the bottom has not been found!
Now you know my price target/area to buy!
Good Luck!