Bearish Triangle met support and 0.786 Fib. Expect breakout end of December with 0.310 support. Resistance at 0.580. https://www.tradingview.com/x/qq6AQdrn/ ASX:WC8
Technical Observations: Pattern Identified: The chart shows a corrective C wave formation. The price bounced from a significant demand zone (₹3,851 - ₹3,922), signaling selling pressure exhaustion. Breakout Confirmation: A sustained breakout above ₹4,072 on the daily chart will confirm bullish momentum and validate the setup. Buy Trigger: Initiate long positions once the stock closes and sustains above ₹4,072. Targets: First Target: ₹4,738 (Aligned with a prior swing high, acting as immediate resistance). Second Target: ₹5,196 (Higher Fibonacci projection level, indicating trend continuation). Stop Loss: Below ₹3,851 (To manage risk if the demand zone fails). Learning Points: Change of Character (ChoCH): A transition from downtrend to uptrend, marking a potential reversal. Wave C Setup: Accumulation during the corrective phase leads to a demand-driven uptrend. Risk-Reward Focus: Entering above ₹4,072 ensures alignment with the trend, minimizing false signals. Reason for Action: Demand Zone Validation: The bounce from ₹3,851 - ₹3,922 confirms strong demand. Breakout Strength: Sustaining above ₹4,072 validates the bullish setup. Targets Justification: Both targets align with resistance levels and Fibonacci projections.
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The hourly channel which gold has been recently trading in has seen a break to the downside giving us a nice set up for a Short for the month of December. The Weekly SMA falls on 2595.38 which is the first target - Watching price action as it approaches this level is important, as 2600 is a large psychological support that falls in-line with the larger descending channel that gold is trading in, which both resistant factors could see the bulls fight back. The Monthly SMA falls on 2508 which would be our maximum target for December, keeping an eye on the relevant Fib level 2585, and the most recent price low of 2539 as potential levels at which price may bounce from. Previous hourly Gold Long trade has been closed, hitting the stop placed just below the channels lower support which has just broken.
Nifty moved in this bearish channel for few days and made a break-out on the upside ,stayed sideways for few days and made the down move to test the channel .I don't see a significant move in Nifty unless the resistance and support 1% either side is broken .Nifty could be sideways in this range . I would prefer a non-directional strategy within this range .
Could be a nice buy opportunity on NZD/USD from this demand level we tapped into. Just waiting for entry confirmation to take this trade. It’ll probably be a quick play for equal highs
Potential opportunity to long silver from here. I like the CHOCH on the 4h as well as the inverse H&S that’s forming. I’m just looking for a signal to get entries
Another cycle for this chart.. lets get some moonbag on this!!!
CL1! In the monthly timeframe is showing strong selling side that will lead the price between the region of 57.55 and 61.16 that is the value area low from march20 and the fibonacci 61.8% from the same low.