2021.03.22

2021.03.22


Pre-Open Market Analysis of Daily Chart


  • Friday was a bull candle with a small bull body and prominent lower wick. Friday completed an ioi pattern. Break Out Mode, and we’re breaking to the downside. 

  • Friday’s wick didn’t test the 1724-1726 support like Wednesday and Thursday.

  • Upside target included 1759, March 1st high.

  • Today’s candle had a small push up after the open and is currently down 140 pips. Price retested the 1726-1724 support and has since bounced slightly.

  • Bulls want this test to play out like the last three and close above support. Bears want to close below support, and ideally close below the FOMC low of 1719.25 


Overnight Trading on lower timeframes


  • H4 candle closed bearish, below or equal to the last 12 candles. This is bearish. Price is currently in a choppy H4 range.

  • H1 timeframe is showing a potential H&S, where both shoulders formed in the H4 resistance zone from 1740-1746.48. Price is in larger range and last three bars have bounced off of 1728 support. A close above 1737 0200 candle open could be troubling for the bears.

  • M30 timeframe shows we completed a bear wedge and now completed two legs down, from which we’re bouncing from. We’ll have to watch for either a pullback and continuation of the bull trend, which would signal the end of the two legs. OR look for a reversal and continuation of the wedge lower. 

  • M15 chart shows the bounce was from a 100% ab=cd at 1728.89 Fib support. 

  • Bears have been selling at Asian and London Opens and bulls have been buying in between. Bulls are currently in square control. An M30 or H1 close above 1737 would signal that the bulls have gained momentum on the day.

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