Looking down into the pits of the 4hr timeframe reveals that yesterday’s descent from just below the swap at 1123.1 took out Quasimodo support (now swap resistance) at 1115.2, and also another Quasimodo support (now acting resistance) at 1110.9, reaching lows of 1106.2 on the day.
Technically, this market, at least as far as we are aware, is seriously oversold right now. That being the case, our team is currently eyeing the Quasimodo at 1101.2 for longs (located deep within both the above said higher timeframe demands). Should price reach this level, we plan on buying at market here, and placing our stop below the weekly demand mentioned above at 1097.1
Levels to watch/live orders:
• Buys: 1101.2 Looking to enter at market here (Stop loss: 1097.1).
• Sells: Flat (Stop loss: N/A).