FVRR has been mostly trading within a regression chanel for the past 6 months. It looks likely this trend will continue (until it breaks).
It has pulled back from the top of the channel to the bottom of this channel yesterday, which incidentially is also at the 38% fib support level of the AB swing up. A bullish divergence (between price and RSI) is also apparent.
Long as it rises above yesterday's small pinbar candle @ 200 with initial SL below this pinbar @ 190. However it this fails, then we might have to relook as it test the 50% retracemet level around 179-181.
Should trade works out, I will look to take profit as it approaches channel top (estimated to be @ 238 or the 127% fib extension of the BC swing up).
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to give me your thoughts ! :)
It has pulled back from the top of the channel to the bottom of this channel yesterday, which incidentially is also at the 38% fib support level of the AB swing up. A bullish divergence (between price and RSI) is also apparent.
Long as it rises above yesterday's small pinbar candle @ 200 with initial SL below this pinbar @ 190. However it this fails, then we might have to relook as it test the 50% retracemet level around 179-181.
Should trade works out, I will look to take profit as it approaches channel top (estimated to be @ 238 or the 127% fib extension of the BC swing up).
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to give me your thoughts ! :)