$MAR rejecting important levels for new ATH?
ANALYSIS:
MAR last trading session showed great rejection candle off last year high and previous month low.
After pulling back to Pivot Based EMAs, price closed just above slow PEMA.
The rejection is supported by low volume node from the composite volume profile over the last six months.
In addition, the rejection area remains highly important forMAR since major tests occurred in Feb '18, Dec '19 and Mar '20 (ref. weekly TF)
EXECUTION:
Scaling into the position by executing an entry with 50% trade allocation at/near the last session's mid point (153.18), if price opens above it on Monday 22.11.
Add to the position by executing an entry at/ near the absorption zone (mid point of rejection day) on Day 2.
Finish scaling to defend your position should a failed new low of days 1 and 2 develop on Days 3 and/or 4.
In price closes below 153.18, exit the position.
TARGETS:
The new low of the month suggests a possible retest of month highs at 162.31 with further extensions up to 165.50.
MAR last trading session showed great rejection candle off last year high and previous month low. After pulling back to Pivot Based EMAs, price closed just above slow PEMA.
The rejection is supported by low volume node from the composite volume profile over the last six months.
In addition, the rejection area remains highly important for
MAR since major tests occurred in Feb '18, Dec '19 and Mar '20 (ref. weekly TF)EXECUTION:
Scaling into the position by executing an entry with 50% trade allocation at/near the last session's mid point (153.18), if price opens above it on Monday 22.11.
Add to the position by executing an entry at/ near the absorption zone (mid point of rejection day) on Day 2.
Finish scaling to defend your position should a failed new low of days 1 and 2 develop on Days 3 and/or 4.
In price closes below 153.18, exit the position.
TARGETS:
The new low of the month suggests a possible retest of month highs at 162.31 with further extensions up to 165.50.
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