4-hour timeframe
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Overview:
The situation looks like the beginning of the uptrend. New buy signal with the target at 83.00 has formed, the Bollinger bands started to diverge. This signal is confirmed, however, yesterday the price moved to Ishimoku cloud, so the signal is not strong yet. The current target for the uprising movement is the first resistance level of 81.90 and further 82.44. In order to trade up it is recommended to wait for the price fixation above the first resistance level of 81.90. At present, the movement can be characterized as correction. If the price fixates below the Kijun-Sen (81.20), this will denote the weakening of the buy signal. The Chinkou Span is above the price graph, indicating the bullish sentiment. The Bollinger bands show the beginning of the upward tendency, the lines are diverging and directed up. The MACD is descending testifying about the current downside correction.
Trading recommendations:
Currently, it is recommended to trade up with the target to 82.44. Stop Loss is set below 81.20. We enter the market with long positions after the MACD reverses up.
In addition to technical image, one should take into account the fundamental data and the time of their release.
The chart annotation:
Ishimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with the white bars in the indicators window.
