1. TECHNICAL INDICATORS OBSERVED:
Moving Averages (MA):
MA(5), MA(10), and MA(60) are visible. The MA(60) (166.34) is acting as a resistance level around the current price.
MACD:
The MACD line (0.07) and Signal line (0.01) are near zero, and the histogram shows a gradual bullish trend with increasing green bars.
Volume:
There is a consistent volume pattern without major spikes, suggesting moderate trading interest.
2. LONG ENTRY STRATEGY:
Entry Point:
Wait for a breakout above the MA(60) line with a strong green candle on high volume to confirm upward momentum.
Stop Loss:
Set at 163.5 (below the recent support level of 163.43) to manage downside risk.
Take Profit:
Aim for 170 (recent resistance or psychological round number) as the first target. Consider trailing the stop if the price keeps moving up.
Contingency Plan:
If price reverses and breaks below the entry point after buying, exit early if it goes below 165.5 to limit losses.
3. SHORT ENTRY STRATEGY:
Entry Point:
Enter if the price fails to break above the MA(60) and shows a clear bearish signal, like a red candle or a drop in MACD.
Stop Loss:
Place at 168 to allow for some volatility but avoid large losses.
Take Profit:
Target 163.5 (24h Low) as the initial profit-taking point.
Contingency Plan:
If price moves above the entry point after entering a short, close the position if it hits 167.5.
4. MONITORING MACD:
Watch for MACD crossover signals. A bullish crossover (MACD crossing above the signal line) would support a long entry, while a bearish crossover supports a short position.
5. VOLUME CONFIRMATION:
Strong volume increases at key levels, especially breakouts, add reliability to the signal. Avoid entries on low volume breakouts, as they might be false signals.
Implement this structured approach and adjust positions based on market conditions to maximize profit while controlling risks.
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