Prices could push lower before it reaches our buy entry, in line with our graphical support area, 78.6% fibonacci extension and 78.6%, 127.2% Fibonacci retracement where we could see a bounce above this level.
Price is approaching our first resistance in line with our horizontal overlap resistance, 61.8% fibonacci retracement and 100% fibonacci extension where we could see a reversal below this level to our first support target.
Price is approaching our first support in line with our 50% retracement, 100% extension and horizontal pullback support where we could see a bounce above this level to our take profit target.
Price bounced off a key support level and a break above our descending trend line could provide the bullish confirmation. I will only consider a long position after this trend line has been broken.
Hey everyone, here's my analysis on U11:
Summary
Price could drop lower to zone 1 between 13.18 - 14.24 before a bounce.
Action:
Buy Limit: 13.18 - 14.24
Analysis:
3 of the green zones highlighted above are support zones where we could see a bounce in price. Currently, given the situation that we are in with the Covid-19 outbreak yet to reach its peak, I...
