STPT can go in either directions (Wait!)
STPT is in tight zone as the candle is currently below 170, we have to wait for new candle. If new candle opens above 170, we may see a retrace back to 195 to 205 zone.
But if, daily candle closes below 170, then STPT is going to test both the trend line support at 158 as well as weekly support at 162.
Wait for daily candle close. If it breaks the 158 support zone then the move will be bearish.
Important Point:
Whenever a certain level is broken, 90 percent of the times the candles are going to test the broken level with a pull back.
10 percent chances are that, the level which was broken may again be broken on 1st test.
Here, in case of STPT,
When weekly level was broken at 162, it tested the monthly at 205 which is retraced back to broken weekly level where STPT is currently at.
So from here, 90 percent chances are the rejection and we may see a bullish move up.
Wait for rejection from weekly and trend line supports in a zone between 158 to 162. Once it is rejected, Entry can be taken.
Trade safe.
But if, daily candle closes below 170, then STPT is going to test both the trend line support at 158 as well as weekly support at 162.
Wait for daily candle close. If it breaks the 158 support zone then the move will be bearish.
Important Point:
Whenever a certain level is broken, 90 percent of the times the candles are going to test the broken level with a pull back.
10 percent chances are that, the level which was broken may again be broken on 1st test.
Here, in case of STPT,
When weekly level was broken at 162, it tested the monthly at 205 which is retraced back to broken weekly level where STPT is currently at.
So from here, 90 percent chances are the rejection and we may see a bullish move up.
Wait for rejection from weekly and trend line supports in a zone between 158 to 162. Once it is rejected, Entry can be taken.
Trade safe.
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