We have a nice setup here for a long position to the 155.75 level. With an ascending channel and supporting confluence from the 200SMA and the 0.236 Fib levels, this move up should pan out well. I expect some liquidity and resistance at the 153.80 point as it appears to be a strong S/R level. Further resistance will be met at the July high of 155.
As anything it could easily go the other way, such as a bearish breakout which I would expect it to hit the 0.682 level before any major support is met. If my analysis is correct I would expect the movement to take around a week or so.
My trade:
£1 per point
Stop Loss: 153.25 (-£55)
Take Profit: 155.70 (+£190)
Keeping my stop tight just incase of a bearish breakout.
Enjoy!
As anything it could easily go the other way, such as a bearish breakout which I would expect it to hit the 0.682 level before any major support is met. If my analysis is correct I would expect the movement to take around a week or so.
My trade:
£1 per point
Stop Loss: 153.25 (-£55)
Take Profit: 155.70 (+£190)
Keeping my stop tight just incase of a bearish breakout.
Enjoy!