A horizontal channel has formed after a strong(-32 degree, -45 degrees) downward trend and price action is braking the trend line on the 16 hour chart.The 11 period EMA is starting to show signs of a potential upward trend on the 16 hour chart. There is a tweezer bottom on the weekly chart which also indicates a potential trend reversal.
My profit target is a 50% Fibonacci retracement which happens to be a key area of support and resistance on the daily chart and my stop loss is below the tweezer bottom.
My profit target is a 50% Fibonacci retracement which happens to be a key area of support and resistance on the daily chart and my stop loss is below the tweezer bottom.