6.16 Pancake Strategy
Recently, the price has been oscillating upward, recovering from the previous low of 102614 to the current level near 106552.5,
The candlestick pattern shows a series of three consecutive bullish candles, which is a strong short-term bullish signal.
At the same time, both bottom and top formations have appeared, indicating that the market is temporarily in a somewhat volatile state, with alternating forces of bulls and bears.
In the short term, the three bullish candles pattern represents a strong upward momentum signal, and it may continue to extend the upward trend. However, the current resistance level around 106552 is worth paying attention to. If this level can be broken, it is expected to further test 110653.
Recommendation
If you currently hold long positions, you may continue to hold, but keep an eye on the short-term resistance level of 106552. If the price breaks above this level and holds, you may consider adding to your position.
If you do not hold any positions and the price has not yet broken the resistance level, you may wait for the price to pull back to support areas such as around 102614.0 or the starting point of the three bullish candles pattern before considering a long position.
If the price is blocked at the resistance level and a reversal signal appears, you should take profits or exit in a timely manner to avoid losses from a market reversal.
Technical
Candlestick Pattern: The three bullish candles pattern indicates strong short-term upward momentum, while the bottom and top formations suggest intense market competition between bulls and bears.
Direction
Go Long: 106300 Near the starting point of the three bullish candles pattern, which has strong support
Stop Loss: 105250 If it breaks below the recent low support, it will confirm a failed rebound
Go Short: 107200 (Close to the recent high and resistance area, selling pressure may appear)
Stop Loss: 107500 A breakout above the recent resistance area will confirm a further upward trend