AUDCAD MULTI-MONTH REVERSAL!!!
The double bottom pattern consists of two lows around the same level of support and indicates a possible bullish reversal signal.
Price is also resting at a key level of support and resistance
Once those levels of support or resistance are broken, the supply and demand dynamics which produced them are shifted
Support is the amount of demand that is strong enough to prevent the stock from dropping any further.
The level at which supply is strong enough to prevent the price from rising is referred to as resistance.
Looking at the trade setup at the current levels the market is showing a low risk entry relative to our upside targets on the daily time frame
We are also seeing slight bullish divergence on the RSI on the double bottom pattern
Like for more and let me know what you think
Price is also resting at a key level of support and resistance
Once those levels of support or resistance are broken, the supply and demand dynamics which produced them are shifted
Support is the amount of demand that is strong enough to prevent the stock from dropping any further.
The level at which supply is strong enough to prevent the price from rising is referred to as resistance.
Looking at the trade setup at the current levels the market is showing a low risk entry relative to our upside targets on the daily time frame
We are also seeing slight bullish divergence on the RSI on the double bottom pattern
Like for more and let me know what you think
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