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Today I am bullish and looking for dips.
The only slight concern is the recent double top around 12280. If this is a failed attempt to break to a new higher high, then the minor bullish swings are at risk. It’s something to keep in mind. Perhaps that suggests a shorting opportunity in the meantime.
Interesting zone: 12150-175 (CFD), so approx 12140-165 on futures.
I was pleased to see price hit the reaction line from yesterday’s chart. Watching it continue through and form higher highs adds weight to the bullish bias, but just be warned about that double top.
The black sloping line was the trendline connecting previous minor swing highs. Price was pushing up against that line, offering selling opportunities, before breaking above it yesterday. This ‘expansion’ is not necessarily a clear bullish sign, because it needs to hold a pullback first. I am watching for whether or not that line has any significance.
The centre line from the ACR line set (the three channel-looking lines – Action Centre Reaction line set) is holding price for now. But is this offering a potential shorting setup. We’ll have to watch that one.
The fail to break 12280 could also be to watch.
These setups were from yesterday, two selling opportunities, based on the strategy I posted last week