Analyzing the price action of the down move, one can see that;
1- The price has reached a strong support zone.
2- It has created a new HL with bullish engulfing candle.
3- It has broken the most recent trendline.
As long as the strong support zone holds my view remains BULLISH.
Targets are;
1- Resistance just below 23.6% FR which has been support in the past too.
2- Strong resistance zone just above 38.2% FR
Protection is below the strong support zone.
1- The price has reached a strong support zone.
2- It has created a new HL with bullish engulfing candle.
3- It has broken the most recent trendline.
As long as the strong support zone holds my view remains BULLISH.
Targets are;
1- Resistance just below 23.6% FR which has been support in the past too.
2- Strong resistance zone just above 38.2% FR
Protection is below the strong support zone.
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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.