FTTUSDT Swing High| Local S/R| .618 Fibonacci| Price Action
Evening Traders,
Today’s analysis – FTT – oversold bounce coming to an area of resistance where a rejection is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Resistance
(.618 Fibonacci Confluence)
- Low Volume Profile
- Oscillators Neutral
FTT’s immediate Price Action is impulsive from its recent lows, trading towards a key Local S/R Resistance, allowing for a short bias.
The .618 Fibonacci is in technical confluence, rejection here is highly probable on the first attempt.
Both Oscillators are trading neutral however approaching their extended territories, a reversion to their mean is probable.
The current volume profile is on a decline, and influx is highly probable when testing key trade locations.
Overall, in my opinion, FTT is a volume short-term short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless.
Jack Schwager – Author of Market Wizards
