There is key support with the Monthly Pivot Range low maintaining the current range low. Along with the Daily Pivot Range, 3 Day and 6 Day Rolling Pivot Range as well as the Weekly Pivot Range, this is solidly supportive. With the price trading with low volatility at the moment of writing this recommendation, expect to see a breakout one way or the other. We will bet on the long side.
The action to take is to place a buy order to enter the market long within the buy zone area noted on the chart. This gives us a good risk reward ratio within a high probability setup with all this support. With the breakout this will confirm the market wants to move higher. Place the stop loss at the Opening Range low and the profit targets stated below.
Entry Price: 135.00-138.00
Stop Loss: 131.00
Profit Targets: First profit target 156.00. Second profit target 163.00. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 10 points behind until second profit target is reached or stopped out.
The action to take is to place a buy order to enter the market long within the buy zone area noted on the chart. This gives us a good risk reward ratio within a high probability setup with all this support. With the breakout this will confirm the market wants to move higher. Place the stop loss at the Opening Range low and the profit targets stated below.
Entry Price: 135.00-138.00
Stop Loss: 131.00
Profit Targets: First profit target 156.00. Second profit target 163.00. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 10 points behind until second profit target is reached or stopped out.