Hi All So there seems to be a LOT of bullish sentiment about a market recovery RN
So lets look at the charts...
Focusing on the DAILY chart here.
*Ok main thing here is, we broke the daily EMA for the first time since March 2020 market crash, we are still technically in a bullish upside channel, but the thing is the MACD is still below the EMA ribbon and the RSI should ideally hit below 30, as with all crashes have gone below this level.
*Looking at the resistance an support level we have clear support and resistances at *1550* AND *2450* we came down to 1760 and didnt break below this.
* We have a VERTICAL TRIANGLE FORMED we use this to dictate our trades next...
.. if we close above the current green candlestick we are one, and close higher, we could potentially see it up to 2450 straight BUT most likely we will see it close down, heading down to 1630 as shown.
... From 1630 it will test this level, if it close above we know we can long call option to 2450.
This is my most likely scenario.
You can set longs and puts as ive indicated on the chart background.
Thanks
Marlene
So lets look at the charts...
Focusing on the DAILY chart here.
*Ok main thing here is, we broke the daily EMA for the first time since March 2020 market crash, we are still technically in a bullish upside channel, but the thing is the MACD is still below the EMA ribbon and the RSI should ideally hit below 30, as with all crashes have gone below this level.
*Looking at the resistance an support level we have clear support and resistances at *1550* AND *2450* we came down to 1760 and didnt break below this.
* We have a VERTICAL TRIANGLE FORMED we use this to dictate our trades next...
.. if we close above the current green candlestick we are one, and close higher, we could potentially see it up to 2450 straight BUT most likely we will see it close down, heading down to 1630 as shown.
... From 1630 it will test this level, if it close above we know we can long call option to 2450.
This is my most likely scenario.
You can set longs and puts as ive indicated on the chart background.
Thanks
Marlene
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