Long term trend: Up
Medium term trend: Up
Significant levels: 120.00 (Significant Round Number & Resistance), 117.50 (Support), Uptrend Line
The price recently touched the Support area and formed a Bullish Reversal indicating a rejection of the Support. This could be a nice setup to trade right now. Though the setup formed last week, it is still a valid setup and still can be traded. You can place a Buy Limit above the wick of the Bullish Reversal candle and the Stop Loss below its tail. Or in a more conservative approach, you can place the Buy Limit order near the Support area. The price might go back down again to that level, reject it, and that would be a great opportunity to ride on. It is also worth noting that the Support area is also near/at the 50% retracement of the Bullish Reversal candle and that would be a good price to place the Buy Limit order.
The bottom line here is that, we are Bulls and we will buy near/at the support area. Trade well.
Medium term trend: Up
Significant levels: 120.00 (Significant Round Number & Resistance), 117.50 (Support), Uptrend Line
The price recently touched the Support area and formed a Bullish Reversal indicating a rejection of the Support. This could be a nice setup to trade right now. Though the setup formed last week, it is still a valid setup and still can be traded. You can place a Buy Limit above the wick of the Bullish Reversal candle and the Stop Loss below its tail. Or in a more conservative approach, you can place the Buy Limit order near the Support area. The price might go back down again to that level, reject it, and that would be a great opportunity to ride on. It is also worth noting that the Support area is also near/at the 50% retracement of the Bullish Reversal candle and that would be a good price to place the Buy Limit order.
The bottom line here is that, we are Bulls and we will buy near/at the support area. Trade well.