After a recent sell off, it appears that the bulls have joined in. First signal was the bullish reversal, double bottom, which also appeared on our RSI. Bullish Divergence was also sighted. Sign of bullish strength becam evedint with higher lows and hiighe highs. We see where the trend consolidated to collect more buy orders around our supply/demand zone.
It was observed that market retraced to 61.8 fib level.
Break and retest was obseved at our key level in the S&D zone. Bullish Engulfing confirmed our bias to continue up-trend. Bulls have stepped.
Our target would be the major key level where price has found both support and resistance in the past. Fibs was used as confluence.
EMA levels added more confirmation as a clear break above levels were made and market found dynamic support.
It was observed that market retraced to 61.8 fib level.
Break and retest was obseved at our key level in the S&D zone. Bullish Engulfing confirmed our bias to continue up-trend. Bulls have stepped.
Our target would be the major key level where price has found both support and resistance in the past. Fibs was used as confluence.
EMA levels added more confirmation as a clear break above levels were made and market found dynamic support.