Looking for a bounce from 23392...
US equities snapped its two-day losing streak on Thursday, as the index surged. After chalking up several nice-looking H4 buying tails around the H4 support area at 23261-23297, price strongly broke through offers surrounding November’s opening level at 23392. The unit mildly pared losses going into the closing bell as price struggled to breach the collection of local H4 resistances circled in green at 23481/23468.
In the event that price prints a pullback and revisits November’s opening line today, a buy from here could be an option. Besides fusing nicely with a 38.2% H4 Fib support at 23394, both the weekly and daily timeframes show little resistance on the horizon.
Suggestions: Wait for H4 price to retest 23392 and pull the trigger if, and only if, a H4 bullish rotation candle forms (a full or near-full-bodied candle). The initial take-profit target, should the trade come to fruition, will be the H4 supply zone seen at 23579-23556.
Data points to consider: US housing figures at 1.30pm GMT.
In the event that price prints a pullback and revisits November’s opening line today, a buy from here could be an option. Besides fusing nicely with a 38.2% H4 Fib support at 23394, both the weekly and daily timeframes show little resistance on the horizon.
Suggestions: Wait for H4 price to retest 23392 and pull the trigger if, and only if, a H4 bullish rotation candle forms (a full or near-full-bodied candle). The initial take-profit target, should the trade come to fruition, will be the H4 supply zone seen at 23579-23556.
Data points to consider: US housing figures at 1.30pm GMT.
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