Preferred Case:

Price Is Expected To Move Upwards Out Of This Consolidation Pattern. We Can See Price Holding Above The Descending Trendline Resistance. Price Is Expected To Rally Up From The Pivot Level Towards The 1st Resistance In Line With The Previous Swing High And 78.6% Fibonacci Extension Level. Our Bullish Bias Is Further Supported By The Stochastic Indicator, The K% Line Bounced Off On The Support Level Showing A Strong Upward Movement. 

Alternative Scenario

Alternatively, Price Might Bounce Downwards To The 1st Support In Line With The 61.8% 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.