Chart courtesy of COL Financial
What does the chart say?
Price is very near if not at the resistance level. We see a hanging man candlestick,usually it's a reversal sign especially on uptrend mode.
Indicators:
Resistance -approx. 16.66
Support 1- 16.00 -SMA 20 line
Support 2- 15.79
MACD - +
RSI - near overbught
CCI - overbought
We can Buy when it breaks out of RESISTANCE, as long as the new support when hold. Sell if it breaks the new support.
If it cannot break the current resistance and it reverses buy near the identified support/s.
**Please note
that materials contained in this article are for educational purposes only, it
is not a recommendation to BUY or SELL any security. How the information would
be used would be at the discretion of the reader.
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