(Investors are advised to study the daily trend before entering.)TA’s price broke through its sideways channel today and finished above the Middle Bollinger Band with high volume. Other indicators also printed in bullish pattern:
- %K of MACD crossover %D in positive zone.
- Both oscillators of Stochastic hooked sharply up into neutral zone.
- Oscillator of W%R surged into overbought area, a bullish sign.
The entire scenarios justifies an upward movement is possible. Look like price will break its first resistance at 0.76 and test 0.77. Its next resistances are 0.785, 0.82. Due to the weak market, price will be hard to reach 0.82 in near term. Strong support is at 0.725. Stop loss should be applied when price fell below this level.
Trader should buy around 0.735 if pull-back occurred on market weakness.
Analyzed and Written by Smartbiz (Chart extracted from ChartNexus. Click to view)
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