The price handle level 6.81010 has been for four days now and tested now
three times, been buyers demand zone block and with supporting
confluences of the minor lower trend line and the 50 MA as support
channel and band respectively and as you can view on the four hour chart
a long red piercing candle at the moving average line.
The bigger play for market participants are looking at if there will a break past
the low level line of August trading session and if there will be a
breach and retest of the same, then buyers will be angling up in full
throttle. Inversely, if it may happen that the fresh new support line
holding for the last four days is breached to the downside, then a
temporal shift of unexpected news cycle just dropped and caused a drop
in buying sentiment.
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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.
