Key Observations:
– Weekly candles forming higher highs and higher lows, indicating a bullish trend.
– Currently testing weekly bottom support.
– However Daily chart showing trend and EMA reversal, suggesting a potential short-term correction.
Dilemma:
– Should we buy now, given the bullish weekly trend?
– OR wait for daily EMA reversal off weekly EMA?
Possible solution is to watchout:
– for a break of the previous week’s low may provide clarity.
– Alternatively, if the price holds above the previous low, to rally to 104k.
Trading Idea:
– Consider playing the 94k-104k range for a potential bounce.
– Alternatively, wait for a daily EMA reversal before entering a long position.
What are your thoughts?