Last week scenario 1 played out - HS exited trend line, breakout was tested and now price is at a previous supply zone. (24391 and HTF brown dashed trend line)
Possible scenarios are mapped out 1) Break of 24391 and resistance becomes support 2) Pullback below 24391 to test for supply before continuing on the uptrend 3) Do note the possibility of a formation of a larger rotation area 24391 - 22663,of which testing of the bottom of the range will not be a surprise.
Daily: Average volume down bar closing off low = demand is present. Next bar should close higher in order for strength to continue. H4: Weak closes may see price heading lower temporarily, leading to scenario2.
Entry will be based off the price reaction to these levels Short on Test and Reject) | Long on Test and Accept
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