Continuing on from last weeks analysis, the levels still hold.
Scenario A: We've seen a couple of hammer candlestick formations form on our temporary support level last week and the price reacted trading higher. The price is currently trading below the mean, which is positive as price wants to drift back towards it. We could see the market move to the 2800 level if price pierces this level and closes - we could see the market trade higher, upwards to 2900 level. If price regains this level we could see it continue to 2924 which is the 1.212 extension level highlighted and coincides with the largest swing high since October 2018.
Scenario B: Depending on factors other than price action and technical analysis, the price could reverse at the 2800 level, we would then be watching if the price breaks our support level (red line). If the price does reverse as such, we could see it reach the 0.612 level (2717).
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.
Scenario A: We've seen a couple of hammer candlestick formations form on our temporary support level last week and the price reacted trading higher. The price is currently trading below the mean, which is positive as price wants to drift back towards it. We could see the market move to the 2800 level if price pierces this level and closes - we could see the market trade higher, upwards to 2900 level. If price regains this level we could see it continue to 2924 which is the 1.212 extension level highlighted and coincides with the largest swing high since October 2018.
Scenario B: Depending on factors other than price action and technical analysis, the price could reverse at the 2800 level, we would then be watching if the price breaks our support level (red line). If the price does reverse as such, we could see it reach the 0.612 level (2717).
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.
