When several technical tools all point to the same level, it becomes a level that act as strong support/resistance as a high probability setup. Here is an example of such case. On the left 1600 tick chart, where the pivot R1, 38.2% Fibonacci retracement, and channel trendline all converge at the same level, and surely the price bounces from it. Other supportive technical indications are also shown that are the positive divergences and falling wedge, which contributed to the upside move, which was explained in previous post..
No comments:
Post a Comment