In a recent and new upward trend a shallow retracement into a support area consisting of a horizontal price zone and the 8 ema. This area falls around the 38.2% Fibonacci retracement region which price has rejected giving a low test bar/bullish pin bar suggesting a long position.
entry - above high of low test bar
stop loss - below low of low test bar
target - at the next resistance level/127.2% Fibonacci extension
entry - above high of low test bar
stop loss - below low of low test bar
target - at the next resistance level/127.2% Fibonacci extension
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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.