Long
Bullish Belt Hold Formation Interrupted By Session Close?
I think we were seeing a bullish engulfing candle forming in the last hour of the session based on afterhours activity. I believe we will see a gap up open and run up to test resistance at 0.80 Where I think profit takers that missed the run up today and day traders might sell off and drive price down slightly tomorrow to retest support at 0.79 or 0.78. on Friday. If we do see confirmation of support at the 0.79/0.78 level holding into close on Friday get ready for a continuation up onto test 0.82 resistance a close above that and we are on our way to test 0.87
Note
GAP up open confirmed retrace on profit taking confirmed but dropped to 0.75 before rallying back testing the 0.77 resistance. we are at a crossroads here with a deadlock between bears and bulls. Could go either way watch the momentum carefully for divergence. If the bulls push the price back up but we see falling momentum. watch out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.