IOU Daily S/R| Swing High| Volume Influx| Price Action

Evening Traders,

Today’s analysis – IOU – trading at the key .618 Fibonacci where a bounce is probable,

Points to consider,
- Price Action Impulsive
- Daily S/R Support
- Swing High Objective
- Low Volume

IOU’s immediate price action is corrective, trading towards a technical location, being the .618 Fibonacci – allowing for a short term bullish bias.

The Daily S/R is support, diverting back here for a retest will still deem IOU bullish .

Current volume profile is on a decline, an influx is highly probable when testing key trade locations.

Overall, in my opinion, IOU 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,

“The expectation that you bring with you in trading is often the greatest obstacle you will encounter.”
― Yvan Byeajee

Join my free telegram!

Follow me on Twitter!

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.