DBC - VCP Type Action
1) Commodities showing volatility contraction type movement with good volume cues (massive dry up)
2) We see price getting rejected at the $28.65 level twice - establishing a pivot entry if price breaks out on higher volume
3) Early entry is spotted at about $28.30, which I have initiated a starting position in. That said, I am mindful of the FOMC meeting today which could induce a bout of volatility. Hence, I have set a very tight stop at $27.75 to get out if necessary.
4) I am aiming for a 3R target price of $31.35 based on the $28.65 Pivot Entry. This is because if the market turns for the awaited countertrend bull rally, there isn't any significant resistance on the left side of the chart.
5) Not financial advice, happy trading!
2) We see price getting rejected at the $28.65 level twice - establishing a pivot entry if price breaks out on higher volume
3) Early entry is spotted at about $28.30, which I have initiated a starting position in. That said, I am mindful of the FOMC meeting today which could induce a bout of volatility. Hence, I have set a very tight stop at $27.75 to get out if necessary.
4) I am aiming for a 3R target price of $31.35 based on the $28.65 Pivot Entry. This is because if the market turns for the awaited countertrend bull rally, there isn't any significant resistance on the left side of the chart.
5) Not financial advice, happy trading!
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