Another Consolidation in a Familiar Area

1 באפר׳ 2015

We are now in another choppy consolidation area, decided to go long on the last dip inside this triangle, which has the bottom in the OTE of the previous upswing from 210s to 290s, with stop loss under previous lows of this consolidation. Each selloff in this range took place on lower volumes, which is also a bullish sign of bottoming,plus some nice hidden bull divs are here, RSI fluctuating inside this range, getting ready for a breakout soon. My final target is the 278-284 price range , looking for the completion of the Bearish Cypher in play, which is also OTE of the last downswing in the 278-284 range and fits also well in the volume profile. I will also look for short entries once we hit the target.

Wish you all good luck!