Within a steady uptrend, price initially struggled to break above the 38.5 level. However, the immense bullish pressure resulted in a breakout to the upside and a brief intraday pullback shortly after. Price preceded to create a new high and has pulled back to that same role reversal level (now support). It has formed a notable reaction hinting at potential upside.
Conservative traders can seek to get long at current level and more aggressive traders can look to buy into another dip toward the support level.
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Happy trading,
Nazar.
Conservative traders can seek to get long at current level and more aggressive traders can look to buy into another dip toward the support level.
Like this idea? Hit the thumbs up.
Want more simple trading ideas like this? Follow me.
Post any questions you have in the comments.
Happy trading,
Nazar.