There's potential for a quick long here providing a couple of conditions are met. As it stands, price is very nicely on the Fibonacci Retracement support level, and sitting on the major moving average support, as well as the 50 moving average support, giving a very strong support ceiling which could be a great launchpad for upside potential.
Price likely won't rally up right away, but rather lose some steam soon, and come back down and retest structure support before breaking up to the upside afterwards. Any trading below 6400 would invalidate this trade. So do bear that in mind before executing the trade. Also bear in mind the conditions I've laid out above for this trade to work out.
Had price break out, we can expect a nice breakout move to a nice extended target with nice profits. :-)
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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Price likely won't rally up right away, but rather lose some steam soon, and come back down and retest structure support before breaking up to the upside afterwards. Any trading below 6400 would invalidate this trade. So do bear that in mind before executing the trade. Also bear in mind the conditions I've laid out above for this trade to work out.
Had price break out, we can expect a nice breakout move to a nice extended target with nice profits. :-)
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-)
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Comment:
Correction incoming, will we get the desired bounce for the upside move? I guess we will soon all find out.
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