F: Daily and Weekly Charts Analysis.
On the daily chart, the price has encountered significant resistance near the 14.83 level, which is the gap resistance seen on the weekly chart. A shooting star candlestick pattern has formed at this resistance level, indicating potential exhaustion in the upward momentum.
This is further corroborated by the price's inability to sustain its gains above this resistance, resulting in a pullback towards the 21-day EMA, which is close to the 38.2% Fibonacci's retracement. The trend is still bullish, however, if F fails to react around on of its retracements, it could reverse the sentiment.
Looking at the weekly chart, the scenario remains consistent with the daily observations. Another shooting star pattern is also visible on the weekly timeframe, reinforcing the bearish sentiment observed in the daily chart.
The gap that was previously identified has now been closed, which often acts as a magnet for price action, drawing the price back towards this level before resuming its prior trend.
The presence of the 21-week EMA adds a layer of dynamic support, suggesting that while the price might face short-term resistance, the overall trend remains upward as long as this support holds.
The confluence of resistance at 14.83, the formation of the shooting star pattern, and the closed gap on the weekly chart suggest that Ford might experience a period of consolidation or a minor pullback before any potential resumption of its upward trend.
For now, we should monitor these key levels and patterns for indications of the next move, keeping an eye on the 21-day and 21-week EMAs as critical support zones.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
This is further corroborated by the price's inability to sustain its gains above this resistance, resulting in a pullback towards the 21-day EMA, which is close to the 38.2% Fibonacci's retracement. The trend is still bullish, however, if F fails to react around on of its retracements, it could reverse the sentiment.
Looking at the weekly chart, the scenario remains consistent with the daily observations. Another shooting star pattern is also visible on the weekly timeframe, reinforcing the bearish sentiment observed in the daily chart.
The gap that was previously identified has now been closed, which often acts as a magnet for price action, drawing the price back towards this level before resuming its prior trend.
The presence of the 21-week EMA adds a layer of dynamic support, suggesting that while the price might face short-term resistance, the overall trend remains upward as long as this support holds.
The confluence of resistance at 14.83, the formation of the shooting star pattern, and the closed gap on the weekly chart suggest that Ford might experience a period of consolidation or a minor pullback before any potential resumption of its upward trend.
For now, we should monitor these key levels and patterns for indications of the next move, keeping an eye on the 21-day and 21-week EMAs as critical support zones.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
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