AF is trying to gap fill with a strong bullish engulf, it is trying to break 6. Weekly sell remains (RSI=43, MACD=-1.1, ADX=50) against recovering daily strong buy (RSI=70, MACD=0.1, ADX=36). The weekly pressure will be omitted if it breaks through Fib0.328(5.993).
A follow-through is needed. Long Still 4.5.
A follow-through is needed. Long Still 4.5.
Note
Worth mentioning, this is a natural response post 6-red weeks. Thus, the buying pressure increasing, and I am not taking profit yet. It is either break-even or TP higher.Note
AF touches break and heavy profit-taking happens at Fib0.328=5.99.Development of this week will conclude the direction as long as 4.5 holds.
Note
Daily chart - first support test EMA50 post bullish engulf week.
Upside 5.2
Downside 4.5-3.8 zone.
Note
AF hits 3.8 and falls below. It is not retesting the key level and should consolidate between 3.3-4.5 where scalping will happen.Note
AF is in range trade (3.3 - 4.5) good for scalping.Long term, it should consolidate this year and continue next year mid and later.
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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.