Having identified support and resistance lines using the weekly and daily charts. I have identified the current price has broken the weekly support line and is in an overall bullish trend. The indicators however are a little confused both showing a slowing of momentum and a possible decline in price. Having check the 4 hr and 1hr charts the MACD and squeeze indicators show an increase in momentum and an overall strong indicator to go long. The current candlestick on the daily is a engulfing candlestick which is encouraging that the overall bullish trend will continue.
With this in mind, I have tightened my stop loss to avoid massive losses to just below the support line.
With this in mind, I have tightened my stop loss to avoid massive losses to just below the support line.