Sinopec, China's leading oil company and publicly traded company appears to be in a 6 week uptrend currently, leading right to a strong low volume resistance level, if the target is hit. Overall, the bias would be to the downside, but there are a few different ways that price can behave. The first would be breaking the blue line and heading straight down, and the others involve rallying an hitting the red resistance level before turning south. Keep close watch of it, might be a good economic indicator.
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Cheers,
Ivan Labrie Time at Mode FX Analyst at Concord Bay dot com
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Breaking down.
Trade active
Confirmed.
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On track.
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Path A.
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What can I say...close to first target.
Trade closed manually
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Failure above the mode led to my alternative uptrend path to be executed with precision. This might be an intermediate term top.
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