R3 LRS 1873 SMC Supply Area -R2 MRS 1848 -R1 HRS 1832
S1 HRB 1823 -S2 MRB 1814 Sma200 W1 TF -S3 LRB 1793 61.8% MN TF
SELL> 1948 - 1832 BUY> 1823 - 1814
FOLLOW UP
D1 On Death Cross
W1 On Support Sma200 / 1814
MN On Resistance Sma44 / 1827
MN On Resistance MACRO FIBO MN 50.0% / 1848
OBSERVATIONS: Nothing much to say as yesterday waited for price to test Sma44 and finally it paid. Bulls are gathering fuel and not giving up due to Major SNRs in support. We already witnessed it at 1814 where W1 Sma200 gave jump spring to the price and a good buy opportunity was availed. 1823 became a virtual support and defended the price so far and now 23.6% H1 fibo is there. A great evidence of fibo retracement credibility. Today Sma44 is aligned with 38.2% at 1828 and price is about to test it making a chance to sell. However if it happens any where between 1823-1828 will be considered a good opportunity but keep your Stop Loss intact and tight as we fear a retracement due to price taking support from W1 Sma200 from 1814. Secondly we may also re visit 1814 due to formation of Double Bottom is on its way.
S1 HRB 1823 -S2 MRB 1814 Sma200 W1 TF -S3 LRB 1793 61.8% MN TF
SELL> 1948 - 1832 BUY> 1823 - 1814
FOLLOW UP
D1 On Death Cross
W1 On Support Sma200 / 1814
MN On Resistance Sma44 / 1827
MN On Resistance MACRO FIBO MN 50.0% / 1848
OBSERVATIONS: Nothing much to say as yesterday waited for price to test Sma44 and finally it paid. Bulls are gathering fuel and not giving up due to Major SNRs in support. We already witnessed it at 1814 where W1 Sma200 gave jump spring to the price and a good buy opportunity was availed. 1823 became a virtual support and defended the price so far and now 23.6% H1 fibo is there. A great evidence of fibo retracement credibility. Today Sma44 is aligned with 38.2% at 1828 and price is about to test it making a chance to sell. However if it happens any where between 1823-1828 will be considered a good opportunity but keep your Stop Loss intact and tight as we fear a retracement due to price taking support from W1 Sma200 from 1814. Secondly we may also re visit 1814 due to formation of Double Bottom is on its way.