ALGO FUTURES 1H - INTRADAY TRADE IDEA

ALGO looks to be maxing out on it's bounce @ .5 fib, right around EMA 50 on the hourly.

This area marks previous support, if it turns resistance expect a correction down. This is also right around the down trend line. If we don't see a big price move upwards from here that's trouble short term.

Watch how it breaks from this point and move accordingly. Volume has been low on the pump, meaning it's likely not a consolidated action across the market and is instead the usual weekend market foolery.

Tp's on fib.

If it does break up, aim to short at the next fib levels instead for more gains, .786 as this is the next EMA level as well.. If resistance doesn't hold at these levels, don't short it. Simple and easy right?

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