The setup is pretty basic: there has been a failed pennant which has returned to the long running channel and is heading back to support at 0.125. It may or may not get there, instead turning at the moving average, but it should getto the bottom trend line. I would expect after the price has consolidated a little that the trend will resume. Short term target is 0.150, but could be extended if the price continues hold the trading channel. Very important to keep in mind is that crude oil is selling off at the moment so that may weigh on this trade. Very important to keep a stop at 0.125 because the pants could drop off this in a hurry.
Note
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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.