On the daily chart, there is a clear break of a downtrend line with a confirmed weekly close above it - unlike during the liquidity grab where the price broke higher but then closed the week under the trendline.
This broken trendline and Friday’s low at 161 is now support. Should the price be able to break above the August peak, a next possible upside target is 167.5 (the 61.8% Fibonacci retracement of July-August drop.
But that’s just what we think, do you agree or disagree?
Send us a message and let us know
Happy Trading!
Jasper, WeTrade Market Analyst and Founder of Trading Writers.
This broken trendline and Friday’s low at 161 is now support. Should the price be able to break above the August peak, a next possible upside target is 167.5 (the 61.8% Fibonacci retracement of July-August drop.
But that’s just what we think, do you agree or disagree?
Send us a message and let us know
Happy Trading!
Jasper, WeTrade Market Analyst and Founder of Trading Writers.
Signup to my newsletter:
tradingwriters.substack.com/
Market Analyst for:
WeTrade
wetradebroker.com/education/analysis/jasper/
SpreadEx
spreadex.com/financials
tradingwriters.substack.com/
Market Analyst for:
WeTrade
wetradebroker.com/education/analysis/jasper/
SpreadEx
spreadex.com/financials
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Signup to my newsletter:
tradingwriters.substack.com/
Market Analyst for:
WeTrade
wetradebroker.com/education/analysis/jasper/
SpreadEx
spreadex.com/financials
tradingwriters.substack.com/
Market Analyst for:
WeTrade
wetradebroker.com/education/analysis/jasper/
SpreadEx
spreadex.com/financials
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.