After a large upward rally with a strong breakout move above 76, price retraced back to it's prior breakout level of support-76 layer & now i'm watching out lower timeframe charts to find a buy entry signal based on my Candlestick & trend pattern strategy. I posted one more chart in weekly timeframe just below the daily chart just to show you how significant 76 layer of support in RCOM.In weekly, we see price hitting the level for four times with strong price reactions & finally we made the breakout followed by the PIN BAR buy signal in it's bottom around 55 layer with a strong false-break pattern.Next upcoming resistance is seen near 93 area which i found again via weekly chart & will be my initial target in case i get a buy entry on current level.
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SUMMARY : READ price momentum context – RECOGNIZE the pattern going on – TRADE the pattern till it ends and to learn it all join me in my ADVANCE TRADING COURSE & trade with me real-time using higher & lower timeframe charts.
PLS NOTE : All chart analysis posted here are the author's own idea of trading for educational purpose only & not any form of advice or recommendations or opinion to anyone.
WEEKLY CHART :