Just looking @ the Wkly, Dly, and 4Hr;
* Bullish Wkly close but this t/f remains in a general downtrend after 6 consecutive LH's. First potential upside obstacle on this t/f the prev sw lo (from May 2020) @ 2675-circa 2735 = prev supp = pot sbr through which a descending (desc) t/line runs (also a 4 fib cluster 2724-34.)
* Friday's Dly candle closed with a bullish body although looks like it could be a hammer with a longish rejection upper wick? The t/f is, per 3 candle fractal swing analysis , in a classic uptrend therefore re its recent signs of strength - with a HL @ 2329, a H @ 2501, a HH @ 2600, and what will be a 2nd HH when it forms fractally.@ 2666 or higher, that high going above the last significant pullback hi of it's former downtrend @ 2638. First potential upside obstacle on this t/f is as above but on this t/f the zone runs from 2675-circa 2708. That desc t/line mentioned above comes through on Monday's Dly candle circa 2740-45.
NB: 2198-2666 is the 2nd longest sustained pullback in the mthly/wkly downtrend since the top of the trend @ 4249
* Last 4Hr close was a bullish engulf, ( on the gmt+2 4hr candle.) The t/f closed the week in a general uptrend with what are 7 consecutive HL's now. The first potential upside obstacle on this t/f is the desc t/line that joins 3990 with 2666 and just above that the prev 1hr/minor 4hr sw hi zone to that 2666 hi = prev res = pot res.
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So, we are seeing a new longer-term uptrend begin to establish itself, or just a sustained pullback in the wkly/mthly downtrends.
Light week re historically market-moving data release event risks coming up, other than potentially U.s NFP etc on Friday. Thurs and Fri are the 'Jubilee' Bank Hols in the U.k so overall market liquidity/volume will likely suffer on those days.
Wkly, Dly, 4Hr, below.
* Bullish Wkly close but this t/f remains in a general downtrend after 6 consecutive LH's. First potential upside obstacle on this t/f the prev sw lo (from May 2020) @ 2675-circa 2735 = prev supp = pot sbr through which a descending (desc) t/line runs (also a 4 fib cluster 2724-34.)
* Friday's Dly candle closed with a bullish body although looks like it could be a hammer with a longish rejection upper wick? The t/f is, per 3 candle fractal swing analysis , in a classic uptrend therefore re its recent signs of strength - with a HL @ 2329, a H @ 2501, a HH @ 2600, and what will be a 2nd HH when it forms fractally.@ 2666 or higher, that high going above the last significant pullback hi of it's former downtrend @ 2638. First potential upside obstacle on this t/f is as above but on this t/f the zone runs from 2675-circa 2708. That desc t/line mentioned above comes through on Monday's Dly candle circa 2740-45.
NB: 2198-2666 is the 2nd longest sustained pullback in the mthly/wkly downtrend since the top of the trend @ 4249
* Last 4Hr close was a bullish engulf, ( on the gmt+2 4hr candle.) The t/f closed the week in a general uptrend with what are 7 consecutive HL's now. The first potential upside obstacle on this t/f is the desc t/line that joins 3990 with 2666 and just above that the prev 1hr/minor 4hr sw hi zone to that 2666 hi = prev res = pot res.
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So, we are seeing a new longer-term uptrend begin to establish itself, or just a sustained pullback in the wkly/mthly downtrends.
Light week re historically market-moving data release event risks coming up, other than potentially U.s NFP etc on Friday. Thurs and Fri are the 'Jubilee' Bank Hols in the U.k so overall market liquidity/volume will likely suffer on those days.
Wkly, Dly, 4Hr, below.
Intraday swing trader @ 30min+ supp/res, & 5min+ sbr/rbs, via 1min+ set-ups
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