f2bemman

f2bemman

Please break🤣 Seriouse note, afew wicks and rejections. POWELL's speech today though

f2bemman

There was a rejection at N800 and a descending wedge has formed on a bullish pattern. We're at a crucial point; breakout or rejection. We need a clear breakout for a bullish continuation, rejection is an immediate short to N750/$

f2bemman

For a bullish scenario, it not only has to break out of that trendline but also the bearish flag. The immediate bounce from the institutional level 1,000 was a giveaway. Entry at current price SL: 1116 TP: 1,588

f2bemman

On declaration of Bola Tinubu winner of the 2023 Presidential General Election by the Supreme Court, Naira appreciated by ±28% on the parallel market (Fundamental Analysis) in 2 days. The market soon bounced exactly from ₦1,000 (institutional mark) & has tentatively stabilized at a FVP of ±₦1,150. Zooming into 4H, there seem to be some correlation with technical...

f2bemman

there seem to be some correlation with technical analysis. Though there isn't much to cling to with regards the status of the countries economy, I however believe we ought to look beyond sentiment. A bearish flag formed. ₦950/$1 before the end of the year is plausible.

f2bemman

I believe the initial pump was a false one. Final capitulation might be at hand. For now, we short.

f2bemman

Technically, i have plausible reasons to believe the Nigerian Naira would begin appreciating in value. My reasons below; •Trend line broken •Bearish engulfing candle on 3D timeframe •FVG, hence a possibility for price to retrace to N890/$ N700/$ is technically possibility before the end of the year.

f2bemman

On the 4H tf, the S&P 500 has been on a strong up trend, having an accumulation around 4260 and then distribution. The trend seems to be very strong as we can see slight retracement to the 0.78 fib level, the volume profile's POC & H4 demand zone. If all goes technically, the S&P 500 would get to 4700 in subsequent hours.

f2bemman

I have plausible reasons to believe that in subsequent weeks, 1 GBP = 2 USD