PRICE HAS BEEN IN CONTRACTION PHASE FOR ABOUT A MONTH EVER SINCE THAT BIG DOLLAR MOVE ITS ALWAYS A BIT RISKY WHEN TRADING RANGES BUT WE ARE CURRENTLY APPROACHING SUPPORT OF A TRIANGLE FORMATION
COULD BE A GOOD AREA TO LOOK FOR PRICE ACTION TO DICTATE NEXT SHORT TERM MOVE
IF SUPPORT HOLDS WE CAN SET TARGETS AT PREVIOUS HIGHS OR TOP SLOPE RESISTANCE
IF SUPPORT BREAKS WE SHOULD BE SEEING MOVEMENT TO THE BOTTOM OF RANGE WE'VE BEEN IN SINCE APRIL
REMEMBER TO ALWAYS USE PROPER RISK & MONEY MANAGEMENT WHEN PLACING ANY TRADE
COULD BE A GOOD AREA TO LOOK FOR PRICE ACTION TO DICTATE NEXT SHORT TERM MOVE
IF SUPPORT HOLDS WE CAN SET TARGETS AT PREVIOUS HIGHS OR TOP SLOPE RESISTANCE
IF SUPPORT BREAKS WE SHOULD BE SEEING MOVEMENT TO THE BOTTOM OF RANGE WE'VE BEEN IN SINCE APRIL
REMEMBER TO ALWAYS USE PROPER RISK & MONEY MANAGEMENT WHEN PLACING ANY TRADE
Comment:
First Target hit zone was respected and took off to the upside
Comment:
WE HAVE CAME BACK TO THE ZONE AND MUCH DEEPER IN IT I EXPECT A MUCH MORE CONCRETE SET OF DIRECTION FROM THIS AREA
WE HAVE ALSO BROKEN UP TREND SUPPORT COULD POTENTIALLY SEE RETEST OF 23.800 AREA AT WHICH POINT 23.000 BECOMES NEXT MAJOR LEVEL OF SUPPORT
WE HAVE ALSO BROKEN UP TREND SUPPORT COULD POTENTIALLY SEE RETEST OF 23.800 AREA AT WHICH POINT 23.000 BECOMES NEXT MAJOR LEVEL OF SUPPORT
Comment:
CURRENTLY AT THAT 23.000 SUPPORT AREA I MENTIONED PREVIOUSLY IF WE CANT HOLD HERE AND SEE A BOUNCE THEN MUCH FUTHER DOWNSIDE IS EXPECTED