$EWY: Still range-bound—chasing rallies or selling dips can both cost you
The close near the upper end of the candle gives bulls a bit of confidence. Trading was also livelier than usual, but the range hasn’t been broken yet. This strength is enough to tilt the outlook bullish, but not enough to chase.
What’s missing is a successful retest. The close has just moved above the area around the moving average, leaving little room for a pullback. It’s worth considering an entry only if price pulls back and holds steady. Next, watch this support: will price hold there and move higher, or close back below it?
The key level is 149.95. Don’t rush in—wait for a 15-minute close above 149.95. A breakout only counts if the pullback holds. The breakout also needs a clear increase in volume, with a volume ratio of at least 1.2.
If it succeeds, the first target is 151.017; set the stop-loss at 149.416. A move there invalidates this setup.
#FuturesTrading
The close near the upper end of the candle gives bulls a bit of confidence. Trading was also livelier than usual, but the range hasn’t been broken yet. This strength is enough to tilt the outlook bullish, but not enough to chase.
What’s missing is a successful retest. The close has just moved above the area around the moving average, leaving little room for a pullback. It’s worth considering an entry only if price pulls back and holds steady. Next, watch this support: will price hold there and move higher, or close back below it?
The key level is 149.95. Don’t rush in—wait for a 15-minute close above 149.95. A breakout only counts if the pullback holds. The breakout also needs a clear increase in volume, with a volume ratio of at least 1.2.
If it succeeds, the first target is 151.017; set the stop-loss at 149.416. A move there invalidates this setup.
#FuturesTrading