Good evening all,
We are in July, which historically between 2012 and 2016 has seen a +-0.5% move, but between 2017 and 2019 has been +-5.0% (you read it right and spot the difference) and last year was a different beast.
What does it mean for us....
The monthly ATR since March has been ~3500 and effectively means the market could move within a range 1700 points on either side.
For the coming week though... We are at a juncture, where, BNF has just peeked out of the dynamic resistance it has been respecting since the end of June. This because the 34650 - 600 zone has more or less confirmed itself as a PRZ zone. It however has stuck itself comfortably between that and 34900 for the past 2 trading sessions.
I maintain my view from last week that if it has to effectively go long, it has to move above 34200-34300 and for short below 34500.
If sustained above 35350, targets are 35550 and 35700
If sustained below 34500, the target is 34100
If you ask me though, my view for this week is long.
*** This is my personal view and not necessarily a trade recommendation ***
However, If you like my idea..., do spread the word.
We are in July, which historically between 2012 and 2016 has seen a +-0.5% move, but between 2017 and 2019 has been +-5.0% (you read it right and spot the difference) and last year was a different beast.
What does it mean for us....
The monthly ATR since March has been ~3500 and effectively means the market could move within a range 1700 points on either side.
For the coming week though... We are at a juncture, where, BNF has just peeked out of the dynamic resistance it has been respecting since the end of June. This because the 34650 - 600 zone has more or less confirmed itself as a PRZ zone. It however has stuck itself comfortably between that and 34900 for the past 2 trading sessions.
I maintain my view from last week that if it has to effectively go long, it has to move above 34200-34300 and for short below 34500.
If sustained above 35350, targets are 35550 and 35700
If sustained below 34500, the target is 34100
If you ask me though, my view for this week is long.
*** This is my personal view and not necessarily a trade recommendation ***
However, If you like my idea..., do spread the word.
Trade closed: target reached:
Took just 2 days
