The market moves in the borders of the descending price channel. Now the price is at the trend line of the channel and Senkou B line of Ichimoku indicator. DMI confirms strong upward movement. We can try to join the market, if it moves higher. For this, we should use a breakout signal above the previous high and pending orders for buy. Entry level is 149.20 with stop at 148.40 level. Profit targets are 150.00 and 151.50 resistance levels.
P.S. You can find the previous buy signal for this market in the related ideas.
DLavrov, I am new. Why do you think it will NOT bounce back from the trendline?
DLavrov
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@sbs, this trading idea was based on a breakout signal. It could be based on a reversal one also. But DMI confirmed strong upward movement, that's why buying was logical.
trumpetmark01526
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Hi - you still holding as near SL?
SujitShah
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So it will leave the descending channel and move up? It does not make sense. Sorry. :-(
Velja
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I agree, also, nice cup&handle targeting ~150.10, lip line tested, short term.
zhvtmez
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thanks for the analysis!
Grandmaster_Nitemare
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Looks promising. I am in. Touched only with the wick yet! Hopefully the channel will break with a full candle!