British American Tobacco has had a lengthy weekly, now price is looking to bottom then confirm the weekly low. We are looking for a swing low confirmation & a close above the 10 period moving average to confirm that we have left behing a weekly low. We have drawn a bullish Pitchfork which we would want to see guide price on the way up.
We can see on the TSI that we have positive divergence while the RSI has touched the 30 level & is beginning to turn. A weekly low is fully confirmed when price closes above the green line. This line also confirms we have left behind a yearly low price if we close above it on a monthly basis.
We can see on the TSI that we have positive divergence while the RSI has touched the 30 level & is beginning to turn. A weekly low is fully confirmed when price closes above the green line. This line also confirms we have left behind a yearly low price if we close above it on a monthly basis.
코멘트:
BTI still to fully confirm a weekly and yearly low price, on a monthly basis we are likely forming a false breakdown of the falling wedge.
코멘트:
BTI is in a half cycle correction, the flag & pole formed from recent low give us a target just below the green trendline. We can consolidate there before moving higher.
코멘트:
BTI with a swing low & a close above the 10WMA and now in daily cycle 2, we can expect a move above wedge resistance and 200DMA then we consolidate. Alternative a short backtest under wedge resistance then move higher.