EA - Price Action Update (daily)
Hi guys. This is an update to EA, as ive been monitoring it closely. This is purely a TA post.
Lets jump right in.
This is on the Daily Timeframe.
Price action tested the major red support line that has been major support since April 2020. We saw a strong bounce up indicated by the lower shadow of the candle.
We also played support on the lower trend line of this down sloping trend channel, that we've been in for about 2 weeks.
As long as we don't break below and confirm below the down sloping channel and horizontal support line, this is still in play as a trade.
Also after a price drop, i would rather be in a downsloping channel than an upsloping one!
We need it to break above this trend channel and confirm above. ANd i would say that it could be a solid entry point with stop below the red horizontal line.
I have also added an indicator im also monitoring closely, The RSI.
In my previous posts i mentioned that we are showing bullish divergence and confluence among 3 of my favorite indicators.
This is still in play, thought the RSI broke my initial divergence trend, as long as we stay above the horizontal orange support line i drew, we keep a higher low and it still indicates that bullish divergence will play out. WHich is an uptrend.
I think overall we are showing some level of consolidation, and it makes sense since we had a massive tumble in price quite recently.
I hope this update helps. Please let me know what you think with a comment and do like/follow if you like this content.
Check out my other ideas in different timeframes on EA below!
Also Disclaimer: This is not financial advice and i am not a financial advisor. I am just a student of the charts. Thanks.
Lets jump right in.
This is on the Daily Timeframe.
Price action tested the major red support line that has been major support since April 2020. We saw a strong bounce up indicated by the lower shadow of the candle.
We also played support on the lower trend line of this down sloping trend channel, that we've been in for about 2 weeks.
As long as we don't break below and confirm below the down sloping channel and horizontal support line, this is still in play as a trade.
Also after a price drop, i would rather be in a downsloping channel than an upsloping one!
We need it to break above this trend channel and confirm above. ANd i would say that it could be a solid entry point with stop below the red horizontal line.
I have also added an indicator im also monitoring closely, The RSI.
In my previous posts i mentioned that we are showing bullish divergence and confluence among 3 of my favorite indicators.
This is still in play, thought the RSI broke my initial divergence trend, as long as we stay above the horizontal orange support line i drew, we keep a higher low and it still indicates that bullish divergence will play out. WHich is an uptrend.
I think overall we are showing some level of consolidation, and it makes sense since we had a massive tumble in price quite recently.
I hope this update helps. Please let me know what you think with a comment and do like/follow if you like this content.
Check out my other ideas in different timeframes on EA below!
Also Disclaimer: This is not financial advice and i am not a financial advisor. I am just a student of the charts. Thanks.
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