(1) After having an eye on FIL/USD for a little while and watching it spike by over 45% within a 24 hour period, I decided it was time to take a closer look and see about starting to establish some Price Structure in order to determine future entry points.
(2) Over the next few days (3/26-3/28), there seemed to to be a potential Support Structure being established around the $120 level.
(3) The last couple of days had been marked by lower volume and a convergence of the 50 and 200 day Simple Moving Averages, which culminated with the current spike up over $150 on 3/30.
(4)What I'm looking for now is a potential flag pattern establishing over the next couple days, leading to a (5) Support Structure and potential entry points around the $140 level with a price target closing on $160.
(6) If support is not established, I would be looking for a pullback closer to the $120-125 range before seeking entry points, with the $140 level creating potential resistance.
Naturally, I will be looking for confirmation of these ideas before any entries are actually made.
Any thoughts?
Trade active
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Nice little run for FIL - moved higher and faster than anticipated. Looking for some stability in the 170-175 range before adding to the position.