Abstract：Last Friday’s daily candle opened and closed below the 50 Ema and also noticing the 50 Ema is acting as dynamic resistance band and not only that, the price structure is hold below the descending minor upper trend line which is thin green line and also the minor lower trend line which is the thin red line.
Last Fridays daily candle opened and closed below the 50 Ema and also noticing the 50 Ema is acting as dynamic resistance band and not only that, the price structure is hold below the descending minor upper trend line which is thin green line and also the minor lower trend line which is the thin red line.
Daily Chart;
The hour 4 chart the is quite ideal to view the potential trade setup and market structure as we view noteworthy break and retest of both the minor trend lines and moving averages. And again, we anticipate retest of the same confluences during this week trading sessions.
Hour 4 chart;
Market participants may be targeting a rally down to the lower ascending channel line but we should look out for the last week trading session low of 2645.70 price handle which has been the end of day low for two consecutive days and that for both Wednesday and Thursday trading sessions and also look out for current monthly low which is at level of 2618.88 price handle.
Of course, ones discretion and risk management is advised.
{About the Author}
Jasper Njuguna is a 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, he 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.
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