8-8.1K area to consider

27 בפבר׳ 2020

Morning folks,

As we've expressed some doubts on upside perspective - market has confirmed it immediately, showing only flat action within few hours at major support, without even minor bounce.

Now price has dropped to our 8604 XOP target that we've mentioned yesterday. Still, as we see clear acceleration down and major support is broken - it makes us consider the scenario that we've mentioned few days ago, reverse H&S pattern on daily chart. It means that we do not see any good chances to buy until market will reach major 8K support area. Next AB=CD target on 4H chart also stands at 8020$