NOTE: possible movement drawing set on 15min chart. Fibonacci set on 4h
Swing/intraday Analysis:
- 4h, uptrend wick rejection from support ema 200.
- 2h coming off "oversold", retested level 61.8 of Fibo.
- 15 potential cross of ema 10 and 20, serving as support while beginning to retest of level 50% of fib 4h.
Possible Scenarios:
1) To confirm continuation long by respecting levels (fibo and pressure area) - Bullish.
2) Reversal to gain liquidity around $25.35 area, then continue uptrend with strength and break through area of pressure - Bullish.
3) Reverse back, break out level 61.8% of fibo, retest and continue downtrend - Bearish.
My most conservative strategies:
1. Wait for breakthrough and retest above rectangle area to then take LONG position. Ideally, I would take positions as it goes, in proportions, for example: 20%, 30%, 50%. I would monitor behaviour in respect to levels (fibo, $26.00 etc) and avoid getting greedy.
2. Wait for reversal, break out of the 61.8 fibo level, retest and then take BEARISH position. I would lock in profit around the $25.00 level, if breakout confirmed, aim at 25.6 - .5 area.
(Most ideal for options strategy)
I hope it can be of any help. Please comment below your thoughts, opinion and or suggestions. All will be very welcomed.
Swing/intraday Analysis:
- 4h, uptrend wick rejection from support ema 200.
- 2h coming off "oversold", retested level 61.8 of Fibo.
- 15 potential cross of ema 10 and 20, serving as support while beginning to retest of level 50% of fib 4h.
Possible Scenarios:
1) To confirm continuation long by respecting levels (fibo and pressure area) - Bullish.
2) Reversal to gain liquidity around $25.35 area, then continue uptrend with strength and break through area of pressure - Bullish.
3) Reverse back, break out level 61.8% of fibo, retest and continue downtrend - Bearish.
My most conservative strategies:
1. Wait for breakthrough and retest above rectangle area to then take LONG position. Ideally, I would take positions as it goes, in proportions, for example: 20%, 30%, 50%. I would monitor behaviour in respect to levels (fibo, $26.00 etc) and avoid getting greedy.
2. Wait for reversal, break out of the 61.8 fibo level, retest and then take BEARISH position. I would lock in profit around the $25.00 level, if breakout confirmed, aim at 25.6 - .5 area.
(Most ideal for options strategy)
I hope it can be of any help. Please comment below your thoughts, opinion and or suggestions. All will be very welcomed.