Weekly chart:
The current uptrend in the big picture is still very young and right now, it is deep in its correction zone. If the week ends positively, one could consider a long trade in this trend size. The stop should then be beneath the green correction zone.
Daily chart:
Unfortunately, the trend is not playing along in this trend size. Here we see a downtrend, which went back into the last correction zone after the last low at $ 101.23. At the moment it looks as if the share will continue to extend the correction even further. However, as long as it is unable to leave the red correction zone in an upward direction, the downtrend will remain intact.
Hourly chart:
Here, a short trade based on the DowHow setup is available. A downtrend is also present here, too, coming out of the correction and showing the first signs of a trend continuation. With a stop above the red correction zone, one can speculate on a trend continuation here.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Sales partner/Analyst
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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