Sinopec, China's leading oil company and publicly traded company appears to be in a 6 week uptrend currently, leading right to a strong low volume resistance level, if the target is hit.
Overall, the bias would be to the downside, but there are a few different ways that price can behave.
The first would be breaking the blue line and heading straight down, and the others involve rallying an hitting the red resistance level before turning south.
Keep close watch of it, might be a good economic indicator.
If you want live updates and more information, make sure to contact me via pm or skype. I provide signals for auto trading. I'm also providing access to a live trading chatroom where we give education to traders, as well as discussing the positions we're in.
All of these are free of charge for concordbay.com customers.
Cheers,
Ivan Labrie
Time at Mode FX
Analyst at Concord Bay dot com
Overall, the bias would be to the downside, but there are a few different ways that price can behave.
The first would be breaking the blue line and heading straight down, and the others involve rallying an hitting the red resistance level before turning south.
Keep close watch of it, might be a good economic indicator.
If you want live updates and more information, make sure to contact me via pm or skype. I provide signals for auto trading. I'm also providing access to a live trading chatroom where we give education to traders, as well as discussing the positions we're in.
All of these are free of charge for concordbay.com customers.
Cheers,
Ivan Labrie
Time at Mode FX
Analyst at Concord Bay dot com
Comment:
Breaking down.
Trade active:
Confirmed.
Comment:
On track.
Comment:
Path A.
Comment:
What can I say...close to first target.
Trade closed manually
Comment:
Failure above the mode led to my alternative uptrend path to be executed with precision.
This might be an intermediate term top.
This might be an intermediate term top.
