BULLISH MOMENTUM! Clear confluence, Read below.

3 Jul 2023

CENTRALBK

Date: 03/07/2023

---
Disclaimer: This is just my observation, please do not consider this idea as financial advise. It is important that each individual should due his/her own due diligence before taking a financial decision, more so in the money markets!
---

• [1] The uptrend seen in the chart is reflected in the RSI. This indicates a good upward momentum. This is by using RSI as a momentum gauge rather than a "overbought and oversold" gauge.
  [2] The trend has bullish breakthrough in the triangle pattern.
  [3] After the recent bullish change of character, we can see that today as of me writing this idea, there is a bullish break of structure. This provides a strong chance of bullish momentum in the coming days.
  [4] The price has tested the 21 and 50 day SMA's and risen past it in the past few days with stride.
  [5] Price is still in the mid discount zone. Decent entry point.
  
  The above points proves a confluence of bullish momentum
  
  
• Take profit would be taken in reference to previous highs as this would serve as a passive resistance zone.
  
  TAKE PROFIT 1 = 31.2
  TAKE PROFIT 2 = 33.4
  TAKE PROFIT 3 = 34.5
  
  Advisable not to go beyond as the area is not strongly tested.
  
  
  
  Good luck!
  
  

5 Jul 2023

Dagangan ditutup: sasaran tercapai

TAKE PROFIT LEVEL 1 was touched but due to excessive selling at a discount the price is rallying up and dropping a lot today.

I am holding strong till TP 2.