Abstract：After a really a massive bullish momentum rally that was played out during the first quarter of this year, the buyers did get burn out really quickly as probably the participants waited for another push up to retest the highs but it was not to happen as the expectation bubble faded away as market dropped pretty slowly and making a lowers highs and the price structure really being holding down by the 50 Ema and just recently price breach past the 200 Ema and retested it again and sellers broke through past the month of June low and also the month of July low level.
After a really a massive bullish momentum rally that was played out during the first quarter of this year, the buyers did get burn out really quickly as probably the participants waited for another push up to retest the highs but it was not to happen as the expectation bubble faded away as market dropped pretty slowly and making a lowers highs and the price structure really being holding down by the 50 Ema and just recently price breach past the 200 Ema and retested it again and sellers broke through past the month of June low and also the month of July low level.
Daily Chart;
The sellers are riding this trend down and looking at 10.3 price level handle as where the bullish momentum candle started at the month of March. It may portend that sellers will be cautious at this level for any expected correction push to the upside or overcome the opposition to ride it down to the second support area level where market participants will be looking at available and previous buyers order levels for liquidity.
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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