NWCUSDT Daily S/R| Volume Profile| .618 Fibonacci| Price Action Evening Traders,
Today’s analysis – NWCUSDT- Trading above Daily S/R with the .618 Fibonacci in confluence,
Points to consider,
- Price Action Impulsive
- Daily S/R Support
(.618 Fibonacci Confluence)
- Long Liquidity Tapped
(POC S/R Support)
- Oscillators Dynamic S/R
(RSI & Stochastics)
- Declining Volume
- Swing High Objective
NWCUSDT’s immediate Price Action is impulsive, acceptance above the Daily S/R allows for a bullish bias as this level has technical confluence with the .618 Fibonacci.
Price Action has also tested untapped long liquidity with the POC S/R coming in as support; this is a strong indication of Demand being present at Lower Levels.
The Volume Profile is currently declining; this is an indication of an influx being imminent, especially when testing key trade locations. An influx will lead to a volatility expansion in Price Action.
Oscillators, the RSI and Stochastics have respective Dynamic S/R’s that have topped major lows in the prevailing trend. Holding above and re-entering respective Bullish Control Zone’s will be indicative of strength,
Swing High is the immediate objective, taking this level out will maintain the Bullish Market Structure as the current Higher Lows are still intact.
Overall, in my opinion, NWCUSDT is a valid Swing Long with defined risk; Price Action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
“It is always the best discretion to let the market show us where it is going and just simply follow (this would be prudent), rather than predict where the market is going and place a position (this would be gambling).” -Anne-Marie Baiynd’
