Technical Analysis - Stakenet
XSN/USD - 02/05/2020
As shown above, we will be updating the technical analysis on XSN/USD from the 7th of January.
As we can see, XSN is making some strong moves and swings to the upside in recent days. Given this relatively strong local uptrend and the continuously rising volume, we are approaching a local resistance, which has now increased chances of breaking.
Just as mentioned above, XSN is showing some decent strength, and we do see that in the chart. Currently, the structure is showing a wedge/consolidation below resistance, which in strong uptrends tends to be breaking to the upside as well. Nevertheless, We cannot disregard the fact that this uptrend could break down at any point in time since it does seem a little extended without any significant swing lows. Leaving us with the rather unlikely possibility of re-testing the white horizontal support below. An experienced trader would be looking for trades on the breakout or at the mentioned horizontal support.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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