We have a Confluence of Four Types of Support in the 20.80 - 20.90 area which indicates that we may have a lot of Buyers in this area. This alsoo means there could be a lot of Unfilled Buy Orders in this area. The next Demand Level of Buyers is at the Horizontal Support. This area has been tested only once, so it is a fresh buying level.
The price has been in a Descending Channel for sometime now, so we are looking to buy at the bottom of the Channel.
The Green Circle is the Confluence of Support and the best place to buy.
A Quasimodo Fakeout Pattern as formed as well on the Chart with two Equal Highs, S1 and S2. As usual, we expect the price to fill the Void and trap a lot of Traders.
A Strong 61.8% Fibonacci Level on the Weekly Timeframe also adds more confirmation to our Setup.
We have a High Probability Setup for a nice Buy Trade!!
As usual we enter with a tight stop loss to reduce our risk, in case the market reverses and changes direction. Don't forget to use good risk management too. Cheers!!
The price has been in a Descending Channel for sometime now, so we are looking to buy at the bottom of the Channel.
The Green Circle is the Confluence of Support and the best place to buy.
A Quasimodo Fakeout Pattern as formed as well on the Chart with two Equal Highs, S1 and S2. As usual, we expect the price to fill the Void and trap a lot of Traders.
A Strong 61.8% Fibonacci Level on the Weekly Timeframe also adds more confirmation to our Setup.
We have a High Probability Setup for a nice Buy Trade!!
As usual we enter with a tight stop loss to reduce our risk, in case the market reverses and changes direction. Don't forget to use good risk management too. Cheers!!