Reversal From Buy Area Could Initiate Rise Back 3800/4000
Hey guys, Liam here. Sorry I haven't posted in a while. I've had some things to do on my site - so haven't been able to post anything. I'm back now though, so you can expect daily analysis from me going forward.
So today we've seen the price reverse from a buy area that formed as a result of the reversal that took place on Monday.
The price didn't drop deep into the area (black arrow) - which made it difficult to get a trade entry - but it was still possible to enter on the lower time-frames. The price hasn't increased much since the reversal but a large bullish candle did form early this morning (blue arrow) which does suggest we could see a bigger taken place later today.
The outlook right now is still a bit negative. The reversal from the area was a good sign but it's not enough to confirm we're going to see a move back to 3800 - 4000. Really, a strong rise above yesterday's highs needs to take place for a move back to 3800/4000 to be a likely scenario, which we obviously haven't seen yet.
For now, my advice is to say put and await further developments.
So today we've seen the price reverse from a buy area that formed as a result of the reversal that took place on Monday.
The price didn't drop deep into the area (black arrow) - which made it difficult to get a trade entry - but it was still possible to enter on the lower time-frames. The price hasn't increased much since the reversal but a large bullish candle did form early this morning (blue arrow) which does suggest we could see a bigger taken place later today.
The outlook right now is still a bit negative. The reversal from the area was a good sign but it's not enough to confirm we're going to see a move back to 3800 - 4000. Really, a strong rise above yesterday's highs needs to take place for a move back to 3800/4000 to be a likely scenario, which we obviously haven't seen yet.
For now, my advice is to say put and await further developments.