I am taking a buy-side trade on US100 based on the following confluences:
Support & Trendline Respect:
Price respected a horizontal support level near 23,079.2 and is currently bouncing from a rising trendline, showing potential for a bullish move.
Bullish Candlestick Reaction:
After testing the trendline, bullish candles formed, indicating buying interest at this zone.
EMA 50 Reclaim Potential:
Price is attempting to reclaim the 50 EMA (currently at 23,141.3). A successful break and hold above it would confirm bullish momentum.
RSI Confirmation:
RSI is currently around 47 and curving upwards, indicating a potential reversal from oversold/neutral territory. The RSI yellow moving average is also turning up.
Risk-Reward Ratio:
The setup has a favorable risk-to-reward ratio with the stop loss placed just below the trendline and recent wick low, and the target placed above the recent high around 23,264.5.
Support & Trendline Respect:
Price respected a horizontal support level near 23,079.2 and is currently bouncing from a rising trendline, showing potential for a bullish move.
Bullish Candlestick Reaction:
After testing the trendline, bullish candles formed, indicating buying interest at this zone.
EMA 50 Reclaim Potential:
Price is attempting to reclaim the 50 EMA (currently at 23,141.3). A successful break and hold above it would confirm bullish momentum.
RSI Confirmation:
RSI is currently around 47 and curving upwards, indicating a potential reversal from oversold/neutral territory. The RSI yellow moving average is also turning up.
Risk-Reward Ratio:
The setup has a favorable risk-to-reward ratio with the stop loss placed just below the trendline and recent wick low, and the target placed above the recent high around 23,264.5.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.