With the use of my LuBot indicator in which I enclose my trading techniques I can quickly have a clear idea of the market.
Starting from the weekly chart, we can immediately notice a positive underlying trend, but which in the last period, after the price returned downwards from the upper inversion band, showed weakness by going below the TrendCloud and creating a negative structure highlighted by the color change to purple of the candles.
In the last few weeks we see that the price has shown some strength creating a swing low higher than the previous low and a move back above the TrendCloud, but as long as, with the current configuration, the price does not break above the 138 level we would still be on a negative short structure.
Going more closely on the Daily timeframe we see that in the last few days the structure is positive with increasing highs and lows. In the last 6 candles we see that the price has remained above the 100 ema which has supported together with the 200 ema and the 21 ema. A Long pattern appears on April 17 and another today which could be a good entry trigger for a short-term trade. We could see a continuation up to the 136.65 area where we find a first level of resistance. If he has strength the next level of attention is 137.50. Beyond this level the underlying structure would revert back to Bullish, but until then I wouldn't dare to risk too much.
Starting from the weekly chart, we can immediately notice a positive underlying trend, but which in the last period, after the price returned downwards from the upper inversion band, showed weakness by going below the TrendCloud and creating a negative structure highlighted by the color change to purple of the candles.
In the last few weeks we see that the price has shown some strength creating a swing low higher than the previous low and a move back above the TrendCloud, but as long as, with the current configuration, the price does not break above the 138 level we would still be on a negative short structure.
Going more closely on the Daily timeframe we see that in the last few days the structure is positive with increasing highs and lows. In the last 6 candles we see that the price has remained above the 100 ema which has supported together with the 200 ema and the 21 ema. A Long pattern appears on April 17 and another today which could be a good entry trigger for a short-term trade. We could see a continuation up to the 136.65 area where we find a first level of resistance. If he has strength the next level of attention is 137.50. Beyond this level the underlying structure would revert back to Bullish, but until then I wouldn't dare to risk too much.
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