SXPUSDT Local S/R| Dynamic Resistance | Swing High| Daily S/R
Evening Traders,
Today’s analysis – SXPUSDT – breaking dynamic resistance with swing high immediate target, local S/R must hold as support.
Points to consider,
- Local S/R Flip retest
- Dynamic resistance breached
- 21 MA support
- Oscillators above 50
- Volume below average
SXPUSDT is trading above local resistance, respecting this level will confirm an S/R Flip allowing for trend continuation.
The dynamic resistance has been breached with candle closes above it. This is an early sign of a trend change occurring.
Current support is the 21 MA, price respecting this will give us a visual guide in reaching swing high target.
The oscillators are above 50 mid-point, this shows strength in the market allowing for a short term bullish bias.
The volume is currently below average, an influx is highly probable as this is a key trade location.
Overall, in my opinion, SXPUSDT is likely to hold local S/R Flip retest. This allows for a long entry with defined risk. Price action must be used upon discretion/ management of trade.
What are your thoughts?
Thank you for following my work!
And remember,
“Why do you think unsuccessful traders are obsessed with market analysis? They crave the sense of certainty that analysis appears to give them. Although few would admit it, the truth is that the typical trader wants to be right on every single trade. He is desperately trying to create certainty where it just doesn’t exist.” – Mark Douglas
Today’s analysis – SXPUSDT – breaking dynamic resistance with swing high immediate target, local S/R must hold as support.
Points to consider,
- Local S/R Flip retest
- Dynamic resistance breached
- 21 MA support
- Oscillators above 50
- Volume below average
SXPUSDT is trading above local resistance, respecting this level will confirm an S/R Flip allowing for trend continuation.
The dynamic resistance has been breached with candle closes above it. This is an early sign of a trend change occurring.
Current support is the 21 MA, price respecting this will give us a visual guide in reaching swing high target.
The oscillators are above 50 mid-point, this shows strength in the market allowing for a short term bullish bias.
The volume is currently below average, an influx is highly probable as this is a key trade location.
Overall, in my opinion, SXPUSDT is likely to hold local S/R Flip retest. This allows for a long entry with defined risk. Price action must be used upon discretion/ management of trade.
What are your thoughts?
Thank you for following my work!
And remember,
“Why do you think unsuccessful traders are obsessed with market analysis? They crave the sense of certainty that analysis appears to give them. Although few would admit it, the truth is that the typical trader wants to be right on every single trade. He is desperately trying to create certainty where it just doesn’t exist.” – Mark Douglas