This is a favor done for Sheridan Sulaiman.
This chart doesn't look good to me. Looking at it breaking lower n lower with few black candles the past few days and mid BB also been broken today, that indicates a downtrend. With its current support line @ 0.625 also being supported by Fibo 38.2%, if it were to go below this then, it might not be a good sign.
MACD - looking to cross below signal line as well. Another bad sign.
Next support will be 0.61, also at the trend line support being drawn in purple. Break this, might even be worse.
So, what is your entry point for this counter? You gotta think and plan your trades then. Honestly, it just doesn't look good at all from what i see.
Quickly set a plan for yourself. All the best!
Most likely sideways though.
ReplyDeleteWith the reference to the same chart posted,
1. BB Midline has been broken up and down without much follow throughs.
2. Noted a purple drawn in this chart which acts as critical support.
With reference to my own chart (not shown) :P
1. Current price movement is similar to that of 2011 Aug and Sep , effectively marking the low.
2. MA movements also favor sideway action
3. Likely to be some form of short term accumulation phase then proceed to another uptrend in the longer term period as weekly chart showing strong supports around this area.