has formed a bullish engulfing
candle on the 1HR chart, indicating possible upcoming bullish
movement. The candle is supported by a strong 12-month-long trendline
that price has respected 3 times previously dating back to January, 2015. At the PRZ, a bullish pinbar
has formed on the daily chart
. The wick falls on a series of fib levels from structure lows to structure highs, adding to the probability of support in that area. Entry is placed at the broken horizontal resistance on the 1HR chart with SL at the . 886 retracement
and target at the unhit monthly pivot
for January, 2016. This setup yields a R/R of about 5.6.