Price broke above a long-term resistance level, the upper parallel of an ascending channel, and is now developing a corrective structure (flag). Willing to join a potential rally we have two options entering the market. Either watch for a buy setup completion at the retest of the broken resistance trendline or wait for a breakout above the flag.
In either case, aiming for the 1320.00 level is a realistic target. If you go with the breakout option you should place your stop-loss below the correction at around 980.00.
All the best,
John
In either case, aiming for the 1320.00 level is a realistic target. If you go with the breakout option you should place your stop-loss below the correction at around 980.00.
All the best,
John
Comment:
Our second scenario occured..! Price broke above the corrective structure. Buying with sl below 980,00 is how this trade setup should be traded
