Mid point of 2020 rally
price has retraced 50% of the rally that started after the covid-19 rally. at 50% level price can take any direction and not the greatest trading point. We are approaching a fresh supply zone that will determine if we are returning to bullish run, failure which we will see price push to the downside towards the covid 19 high which is at 70.5 retracement level. Here we have a SR flip zone to add confluence to the setup
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.