1. Gap up on 1st Sep followed by higher price with high volume on the next day made the 0.08-0.085 area a strong support.
2. Coincidentally, daily EMA50 line is also now at 0.085 area make it one of highly congested area.
Scenario 1 : The price will testing support before bounce back (BULLISH)
Scenario 2 : The daily candle will fill the gap between 0.08 and 0.085 tomorrow before continue climbing up the next day (BULLISH)
Scenario 3 : If the price continue goes down and break support with high volume, the bearish pattern will continue (BEARISH)
Scenario 4 : If gap down occur tomorrow 24/9/2020 and price open 0.08 or below and daily candle closed below 0.08, island reversal pattern will be formed and price will continue go down. (BEARISH)
EP 0.085
TP 0.105
CL 0.075
This is a trading idea and not a buy call.
2. Coincidentally, daily EMA50 line is also now at 0.085 area make it one of highly congested area.
Scenario 1 : The price will testing support before bounce back (BULLISH)
Scenario 2 : The daily candle will fill the gap between 0.08 and 0.085 tomorrow before continue climbing up the next day (BULLISH)
Scenario 3 : If the price continue goes down and break support with high volume, the bearish pattern will continue (BEARISH)
Scenario 4 : If gap down occur tomorrow 24/9/2020 and price open 0.08 or below and daily candle closed below 0.08, island reversal pattern will be formed and price will continue go down. (BEARISH)
EP 0.085
TP 0.105
CL 0.075
This is a trading idea and not a buy call.
Order cancelled
Support broken CL 0.075
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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.
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.