MCG: once bitten twice shy
I like the price setup that is developing.
The price action is at the lower range of the linear regression channel pattern.
When the price action is at the lower range of an upward-sloping linear regression channel pattern, it can be a bullish setup because it indicates that the price has pulled back to a support level within the channel. This support level can act as a launching pad for a new upward move in the price of a share, as buyers may see the pullback as a buying opportunity and push the price back up towards at least the mid-range of the channel.
I will wait for some confirmation of the break of the 200-day, which is around
12000, before attempting a long position.
As long as the trend remains above 11400, it supports a bullish trend direction.
Below the 200-week, which is around 10900, Negate the bullish bias at this level.
Remains a risky trade.
The price action is at the lower range of the linear regression channel pattern.
When the price action is at the lower range of an upward-sloping linear regression channel pattern, it can be a bullish setup because it indicates that the price has pulled back to a support level within the channel. This support level can act as a launching pad for a new upward move in the price of a share, as buyers may see the pullback as a buying opportunity and push the price back up towards at least the mid-range of the channel.
I will wait for some confirmation of the break of the 200-day, which is around
12000, before attempting a long position.
As long as the trend remains above 11400, it supports a bullish trend direction.
Below the 200-week, which is around 10900, Negate the bullish bias at this level.
Remains a risky trade.
כתב ויתור
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