Dear Trading Learner
It is nice to see you studying the charts. You are correct there is good support in the 55-56 region.
If you notice it is currently trying to break the resistance at 65. The first attempt was not successful. it is making a second attempt. We can see the volume coming in today. It has to cross the 64-65 resistance first. On the upper side it will face resistance around 68-70 region. It has to cross 75 for making a good up trend.
On the brighter side the upward momentum seems to gathering momentum as seen by the rising DI+ line of the Directional momentum Indicator. The ADX line has to start rising to confirm strength. Let us hope volume will come in strongly in the next few sessions.
Just to share some ideas .. Always buy at supports and sell at resistance. The best time to buy would have been after it had taken out the resistance at 64-65.
Do keep studing the charts.. slowly you will start seeing more things in them ..
Enclosing my chart... just to compare notes. Great going my friend..
warm regards
Karthik
It is nice to see you studying the charts. You are correct there is good support in the 55-56 region.
If you notice it is currently trying to break the resistance at 65. The first attempt was not successful. it is making a second attempt. We can see the volume coming in today. It has to cross the 64-65 resistance first. On the upper side it will face resistance around 68-70 region. It has to cross 75 for making a good up trend.
On the brighter side the upward momentum seems to gathering momentum as seen by the rising DI+ line of the Directional momentum Indicator. The ADX line has to start rising to confirm strength. Let us hope volume will come in strongly in the next few sessions.
Just to share some ideas .. Always buy at supports and sell at resistance. The best time to buy would have been after it had taken out the resistance at 64-65.
Do keep studing the charts.. slowly you will start seeing more things in them ..
Enclosing my chart... just to compare notes. Great going my friend..
warm regards
Karthik
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