Well done to those who bought 24476 - a beauty of a retest!
In Wednesday’s report, we underscored a possible buy-the-retest scenario at a recently broken H4 Quasimodo line drawn from 24476. As is evident from the H4 timeframe this morning, price retested this line beautifully during yesterday’s segment, and even chalked up a nice-looking H4 buying tail as additional confirmation. Well done to any of our readers who managed to take advantage of this move. Broken Quasimodo levels are high-probability barriers!
Direction:
• Long: With 24476 now a proven support level, one may want to keep a tab on this level today for a possible second retest. Waiting for additional candle confirmation from here, however, is something to consider since buy orders may be weak, and therefore could encourage a move back down to the H4 support area coming in at 24386-24343.
• Short: Selling this market with absolutely no obvious resistance in sight is not a trade that most would label high probability. Therefore, sell with caution!
Data points to consider: US retail sales m/m and weekly unemployment claims at 1.30pm GMT.
Direction:
• Long: With 24476 now a proven support level, one may want to keep a tab on this level today for a possible second retest. Waiting for additional candle confirmation from here, however, is something to consider since buy orders may be weak, and therefore could encourage a move back down to the H4 support area coming in at 24386-24343.
• Short: Selling this market with absolutely no obvious resistance in sight is not a trade that most would label high probability. Therefore, sell with caution!
Data points to consider: US retail sales m/m and weekly unemployment claims at 1.30pm GMT.
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