Coming to the end of the week, it's weekend tomorrow!
Price action gave a scare this week, touching and cutting through cloud lo, and rebounded back above the cloud. Also mentioned previously was the level 9300, it continued to be a resistance level for the price action to break through. Added another long position near the kijun-sen.
Technical Analysis (Ichimoku Charting)
Tenkan-sen is currently below the kijun-sen, while the price action and chikou-span remain above. The forward ichimoku cloud reflecting thickness, indicating the support level is building up as price moves forward. The rebounding of price action after touch ichimoku cloud low also indicates long buyers are coming in.
Trading Strategies (Ichimoku Trading)
Establish long with stop loss below cloud. Stop in traders may consider level above 9300.
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