There is now a change of market sentiment after strong sell rally with a text book perfect
Inverted head and shoulder pattern formation as viewed on the daily
chart and confirmed the pattern as we see market participants rally past
up the angling neckline and a retest.To get more news about WikiFX, you can visit wikifx official website.
The upward momentum did not find quite a resistance as sellers offered
little or no push back as buyers easily breached past the 0.925 price
level handle which could have offered to some sellers ceiling level
block to place their sell limit orders.
Market participants could playing the long shot as they probably targeting 0.94 price handle level
as the main target high and 0.935 price handle level as minor target
high.
Do look for a retest of the August trading month highs as potential limit order block area.
Of course, ones discretion and risk management is advised.
Jasper Njuguna is a self-taught discretionary financial markets trader. With
cumulative 5 years experience trading the markets and out of which, one
and a half years of that as a prop trader, trading large and mid-cap
American equities at one of the DAY TRADE THE WORLD offices.
Prior to switching career interest to trading, I have 9 years of experience in
senior management roles driving small to large business development and
B2B relations in creating and implementing; learning & development
solutions, programs, organizational strategies & frameworks, and
blended learning approaches for companies and institutions in Africa.
