After a strong pullback by sellers pushing the price down which led to the formation of a pin bar, last week witnessed a strong push to the upside with a strong rejection from a support level in confluence with a trendline. This is an indication that buyers are ready to push price higher.
You can buy at the current market price. The stop can be at N2.32 (-18.60%) below the support level. The target is N3.66 (28.42%).
Confluences for the long idea:
1. Hammer candlestick
2. Rejection from a support level in confluence with a trendline
3. Bullish market structure
Disclaimer: This is not a financial advice. The outcome maybe different from the projection. Don't take the signal if you're not willing to accept the risk.
You can buy at the current market price. The stop can be at N2.32 (-18.60%) below the support level. The target is N3.66 (28.42%).
Confluences for the long idea:
1. Hammer candlestick
2. Rejection from a support level in confluence with a trendline
3. Bullish market structure
Disclaimer: This is not a financial advice. The outcome maybe different from the projection. Don't take the signal if you're not willing to accept the risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.