- September 30, 2021
- Posted by: Tradingshot Articles
- Category: Commodities
The price is now testing the 4H MA50 (blue trend-line) for the first time in a week. As mentioned on my most recent post, a 1D candle closing above 1747, would mean the start of a rebound. As you see the current fractal is trading on an identical pattern with the June 18-30 sequence. The diverging RSI (being on Higher Lows while the price was on Lower Lows) eventually made a bottom and once the price broke above the 4H MA50, it rebounded aggressively to the 2.0 Fibonacci extension. On the current fractal that is exactly at $1800, which is my target on the medium-term.