Technical buy analysis off wick support
Currently we are seeing some wick support at 1.53700 with pivots. I sentiment a pivot in play here pending technical indicators play out.
MACD seems to be completing its sell off as it is rounding out of bin territory and setting for a snipe cross through SIGNAL followed by an immediate cross through the 0 line. This surely would pivot RSI out the oversold zone to start the trek back towards overbought.
Take profit at top resistance however be mindful the take profit might be a wick touch only to retrace back to the trends pivot zone (which I mapped out on this 1 hr chart). Stop loss of course would be a breach below this support hold with continuation.
Please comment with thoughts and ideas. Thank you.
MACD seems to be completing its sell off as it is rounding out of bin territory and setting for a snipe cross through SIGNAL followed by an immediate cross through the 0 line. This surely would pivot RSI out the oversold zone to start the trek back towards overbought.
Take profit at top resistance however be mindful the take profit might be a wick touch only to retrace back to the trends pivot zone (which I mapped out on this 1 hr chart). Stop loss of course would be a breach below this support hold with continuation.
Please comment with thoughts and ideas. Thank you.
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