Hello Traders ,
Analysing weekly chart we can notice that price has been trading in strong weekly range with possible widening wedge formation ,
Also to be noted that whenever price did touched trendline below price it moved higher to retest horizontal support.
As of now price has been testing 50 SMA multiple times and remained capped below it on weekly chart , but strong horizontal support has also kept offering bullish pressure to the price .
Current scenario suggests that there are more chance of Bullish price action and when price closes above 50 SMA ,we will stay long towards previous weekly resistance ,
Buying now or in dips can provide potential 900 pips or more swing trade.
Do let us know your views on comment section...
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Analysing weekly chart we can notice that price has been trading in strong weekly range with possible widening wedge formation ,
Also to be noted that whenever price did touched trendline below price it moved higher to retest horizontal support.
As of now price has been testing 50 SMA multiple times and remained capped below it on weekly chart , but strong horizontal support has also kept offering bullish pressure to the price .
Current scenario suggests that there are more chance of Bullish price action and when price closes above 50 SMA ,we will stay long towards previous weekly resistance ,
Buying now or in dips can provide potential 900 pips or more swing trade.
Do let us know your views on comment section...
Follow us for more..