Price has gone slightly higher than D compilation but as you can see from the Stock indicator price is over brought.
I have put TP's at 61.8% and 38.2%. Both TP's line up with previous structure. Stop loss is up at 0.85994.
1) Supply & Demand taking place
2) Retest of major and historical resistance
3)Within a a bullish channel which is ready to rally and break out.
Expecting price to rally back to major support/ supply zone of 0.8752
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1) Intraday market direction is short
2) In a Bearish Channel
3) Minor support &resistance
3) On the verge of breaking the last HL which is also a support which will create a new HL
and a indication of a trend continuation
Expecting price to rally down to around 1311.2
1) Bullish Channel breakout
2) Failed to create an extra HH & LH
2) Within a Mid range consolidation
4) Double top formation on the daily
3) Mid range consolidation Support/ Neckline broken
Expecting price to rally down to around 10145
Step by step analysis provided in the chart. Following the high made in April 2015 to the low made in February 2016 there appeared to be an area of low volume, which now has successfully been filled up to the 61.8% retracement level. Back testing this idex shows its sensitivity towards this '61.8' level. To make things more convincing, this level is also lining up...
If the temporary low at 1.44948 holds over the next few days, i will be entering a short at 1.50114.
Reasoning: 61.8% re-tracement level, respected daily breaker, potential to take un-taken highs and capture liquidity.