SX5E: Ichimoku indicators analysis
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL |
| Entry Point | 4850.0 |
| Take Profit | 4705.0 |
| Stop Loss | 4898.0 |
| Key Levels | 4819.9, 4887.5, 4775.6, 4920.2 |
Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (4819.9). One of the previous maximums of Chikou Span line is expected to be a resistance level (4887.5).
On the daily chart Tenkan-sen line has crossed Kijun-sen from above, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from above, current cloud is ascending. The instrument has entered the cloud. Borders of the cloud serve as the closest support (4775.6) and resistance (4920.2) levels
On the four-hour chart we can see a correction of the downward movement. On the daily chart the instrument is trading within the cloud. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (4705.0) and Stop Loss at the level of Kijun-sen line (4898.0).
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