Delta bounced, what's next?
Updated
As you can see, Delta managed to bounce back again after re-testing the "37.82" support level for the third time, forming a possible triple bottom pattern, in which a trend change to the upside is expected. Looking at my chart, I expect Delta to breakthrough both "0.786" resistance levels on both the Fibonacci retracement and channel, rallying all the way to touch the supertrend line/200ema target. At those levels, I would expect a pullback to re-test the "0.786" Fib retracement to confirm support, and then the rally continues, trading back again above the 200 ema.
This is not financial advise, but just an idea of a possible scenario we may encounter on the next few days. Likewise, it is possible that my idea gets affected by news/actions that may affect the overall market. I will try to update on this idea for the next few days.
This is not financial advise, but just an idea of a possible scenario we may encounter on the next few days. Likewise, it is possible that my idea gets affected by news/actions that may affect the overall market. I will try to update on this idea for the next few days.
Trade closed: target reached
Position closed at 41.70
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