The price is moving within an upward channel on a one-hour timeframe and is adhering to it well. It is ready for a strong breakout and a retest of the channel.
We have a descending trend line on the RSI indicator that is about to break and retest, supporting the upward movement.
There is a key support area in green at the price level 0.770, representing a strong support point.
We have a trend towards consolidation above the 100-period moving average.
Entry price: 0.790
Target one: 0.825
Target two: 0.853
Target three: 0.888
Don’t forget a simple money management rule:
Place your stop-loss order below the green support area.
Once the first target is reached, save some money and then change your stop-loss order to an entry order.
For any inquiries, please leave a comment.
Thank you.
✅ Trade here on $WLD
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