The Commodity has formed Rounding Bottom in an 1 hour time frame.

Rounding Bottom is a Reversal Pattern, a breakout from the pattern would be an opportunity to enter long in the commodity.

Currently the commodity is trading above both the Fast and Slow EMA indicating a positive direction. Fast EMA has crossed Slow EMA indicating positive trend, as per EMA studies these are some of the strongest trend signals.

DI+ is trading above DI- indicating positive trend and ADX trading above DI- is indicating strength in the upward move.

RSI is yet to confirm the upward move, RSI trading above previous high would confirm the upward move.

Advice : Wait for the price to close above the neckline.

Rounding Bottom

Mar 10 2023