The way I tackle price charts:
From past price studies I have an idea of how price should behave around certain levels.
Then I say: If A happens then B is more likely. If I see B then it is a sign of C.
From past price studies I have an idea of how price should behave around certain levels.
Then I say: If A happens then B is more likely. If I see B then it is a sign of C.
#COPPER is a good example. I have been analyzing price action above the 200-day average. The rebounds have been weak.
I said if it remains weak, (A happens) then a breakdown and correction (B) is more likely.
Ideal situation in a reversion to the mean is a sharp rebound.
I said if it remains weak, (A happens) then a breakdown and correction (B) is more likely.
Ideal situation in a reversion to the mean is a sharp rebound.
This is how I analyzed price action and narrowed it down to 4.08-4.35.
Ideally a reversion to the mean was followed by a sharp rebound.
Ideally a reversion to the mean was followed by a sharp rebound.
Now coming into strong resistance area. Past price behaviors have shown a pause after a steep rally to resistance. I focus on 4.64-4.88 area as resistance.
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