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
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