I have been taught to take the price action where it is highly concentrated. 5000 support level is where the most important buy/sell orders come in ..... you can either take the body or the wick , either way it is just a guide for sentiment
can you explain why you have drawn the neckline straight through the wicks at that precise angle? Couldn't it be drawn at the wick extremes, or even at the closing price, in which case the neckline could be anywhere from 4800 to 5300? Genuinely interested in your technique.
Comments
you're welcome
Yes that is why it is important to combine fundamental and technical Analysis together in order to give you a clearer picture
thanks. Trendlines can be pretty subjective and always interested why people draw them the way they do.
I have been taught to take the price action where it is highly concentrated. 5000 support level is where the most important buy/sell orders come in ..... you can either take the body or the wick , either way it is just a guide for sentiment
can you explain why you have drawn the neckline straight through the wicks at that precise angle? Couldn't it be drawn at the wick extremes, or even at the closing price, in which case the neckline could be anywhere from 4800 to 5300? Genuinely interested in your technique.