Preferred Case:

On The Short Term We Are Expected To See Price To Burst Up To The Ascending Trendline Support Turn And Do A Reverse Downwards. Price Is Expected To Ride Up To The Pivot Level In Line With The 127.2% Fibonacci Extension And Reverse Downwards Top The 1st Support Which Is In Line With The 78.6% Fibonacci Extension. Our Bearish Bias Is Further Supported By The Stochastic Indicator Showing The K% Line Approaching The Resistance Level, And Potentially Push Down Afterwards.

Alternative scenario:

Alternatively, Price Will Push Up To The 1st Resistance In Line With The 127.2% Fibonacci Retracement And 161.8% Fibonacci Extension.

Improve Your Trading

Did you know that SuperTrader Markets has a VIP room where you can learn to trade from a team of award-winning analysts?

Check out our exclusive Live Trading Room where you can ask questions directly to a team of CFA, CMT, CFTe accredited analysts.