However, seeing how briskly buyers are trying to keep their trend and continue to grow without a protracted correction - we decided to update our scenario.
At the moment, buyers have managed to stop the fall in prices and consolidate above the range of $132-137. This range was able to stop for 3 days a powerful wave of growth, which buyers carried out at increased volumes:
Touching the range of $132-137 on small volumes on April 7, sellers showed a lack of strength to continue to put pressure on the price. Re-testing the mark of $160 at low volumes will give buyers confidence and increase their chances of breaking the range of $184-194.
The importance of this range is clearly visible in the 15-minute timeframe. The first local wave of FIL fall stopped in this range. Only after two retests of $ 184-194 from below sellers were able to continue to lower the price of FIL with a final target of $135.55:
Successful fixing of the price over the liquid zone of $184-194 will provide buyers with a second test of the historical maximum at $238.
An alternative scenario will take effect if the $ 160 mark is broken. In this case, sellers will have every chance not to stop in the range of $ 132-137 and update the local minimum with the first stop of $119. At the moment, the best option is to wait for either the test $160 or the FIL price fixation above $194.
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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