Evening Traders,
Today’s analysis – HEXO- impulsive break above key Local S/R Zone where a back test is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Support
(.382 Fibonacci Confluence)
- Daily S/R Resistance
- Oscillators Bullish Control Zone
- Volume Influx
HEXO’s immediate price action is impulsive towards a key trade location, the Local S/R Zone that is in technical confluence with the .382 Fibonacci, this allows for a bullish bias.
The Daily S/R has acted as resistance; price action taking this level out will increase the probability of a trend continuation.
Both oscillators are trading in their respective bullish control zones, remaining in these regions is indicative of strength.
There has been a volume influx, marking a true break, follow through is critical for momentum to be sustained.
Overall, in my opinion, HEXO is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
Today’s analysis – HEXO- impulsive break above key Local S/R Zone where a back test is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Support
(.382 Fibonacci Confluence)
- Daily S/R Resistance
- Oscillators Bullish Control Zone
- Volume Influx
HEXO’s immediate price action is impulsive towards a key trade location, the Local S/R Zone that is in technical confluence with the .382 Fibonacci, this allows for a bullish bias.
The Daily S/R has acted as resistance; price action taking this level out will increase the probability of a trend continuation.
Both oscillators are trading in their respective bullish control zones, remaining in these regions is indicative of strength.
There has been a volume influx, marking a true break, follow through is critical for momentum to be sustained.
Overall, in my opinion, HEXO is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone