Weekly chart:
After the last high at $ 29.69, the price is transitioning into a correction. In the process, it has arrived in the correction zone of this valid uptrend. This correction still has space until $ 23.62. Only with a closing price beneath this green correction zone would the uptrend break.
Daily chart:
The current uptrend installed itself after the break of the last point three at $ 27.72, and this uptrend is depicting the correction from the weekly chart. After the last temporary low at $ 27.25, the price went to the edge of the red correction zone in order to start the next movement from there. If the last low point is broken, then this trend should advance quickly.
Hourly chart:
In the wake of the daily chart we can see a downtrend in this trend size, too. Its last correction runs between $ 27.88 and $ 28.78. It is from out of this zone that the current movement started; this movement also stands before the last point two at $ 27.25. With this, a nice trading chance is made available here with a stop above the red correction zone. Possible targets are located in the area from $ 26 to $ 23.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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