Price approaching a supply zone where it got rejected after a rally 6 days prior. Looking for mitigation of this zone to sell side pressure or else, we would be looking for trend continuation. Keep in mind oil and its products are facing headwinds though the supply distortion seems to be acting as major tailwind causing the rallies we see. The range for this supply zone is 30,816-30,967. I ain't too confident in this zone holding being that price action there was weak though the charts might show strength but we can never be too deterministic. Looking at the micro price aciton, i see weakness thus a possible uptrend continuation.
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Though price got rejected at our supply zone, the zone is yet to be activated by institutional traders in my opinion. Don't be surprised to see a retest soon
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Price taken back by buyers in that demand zone. Reason i said the initial supply zone cant be taken too seriously. Target 30696
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This strategy really works. Please just apply yourself. Study its dynamics please. Tp almost hit
Trade closed: target reached:
so i edited tp to 30641 as it is the low of the institutional candlestick before reversal from that supply zone
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I wont recommend taking a buy here even though data still shows buy. Reason being we have reached the supply zone again and if anything, we wait for the zone to be activated or we wait for a breakout from this zone