*** SHARED AT BUYING SIGNALS ON THE CHART WITH A STOP LOSS AT 1.372-1.373, BUT EVEN IF IT WOULD BREAK UNDER IT, IT WOULD JUST MEAN THAT WE HAVE AN OPPORTUNITY TO RE-ENTER AT LOWER AREA***
Demand has been in power since March’20, and 1.36 has been a resilient since price went upside in last April. And the two last monthly closed ended showing supply absorption at the 1.36 area wicking it to the upside, which is saying that demand is still in control.
The week closure of the last 16 August ended on a solid stop in action with a on heavy supply at the 1.36 zone. For then when it would have be time to retrace that candle the following week, instead of showing signs of light demand we got a little kinda showing demand working. Which tells that the selling interest is not longer in charge. Which is not surprising since it did show, as mentioned, supply absorption when it touched it on on the week closure of the 22th March’21 and 19th July’21. As well as a stop in action on the week of the 5th April’21.Each of these time having demand emerging after the touch of the zone, as it’s doing now.
on the daily, it’s interesting how the daily closure ended testing back the HH that brought price upside 1.37, closing on the zone with a candle boosted on supply but once again showing a stop in action making it not able for sellers to bring it back down even with an effort pulled from them. And then the day of the 27th August, showing a buying interest response closing the day on a showing a even higher demand presence, for now having the current daily candle formation showing supply absorption at the 1.373 area.
Showing nice supply absorption retest the 1.375 after the HH back upside of it. Which make it a good place to initiate buys if it all maintains.
updates would be provided about it, in both cases that it would move upward straight or retest 1.36
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