BNP-FR: Possibility for new long positions on support levels

05.06.2017 / 10:59

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BNP-FR:

Our Expectations: Possibility for new long positions after a slight correction and SL: 60.00, as the price is on strong support levels and there's a pin bar formed, which signals possible bullish movement.

Alternative scenario: If the price goes under the supports and 50 SMA it will negate this positive scenario. It is possible for the price to remain in range, and a breakaway under the main diagonal will gives us grounds for new short positions.

Commentary: Rising trend and correction close to 23,6 Fibo

The price tested the neck line of a H&S formation, which is a trend confirming formation at this case.

SMA 50 and SMA 200 are in bullish formation and the price is on 50 SMA levels, as well as strong horizontal and diagonal levels.

The formed pin bar signals for a possible reversal of the short term declining movement.

DeM(14) reverts under 0.3 - a signal for a possible rise

Trader Nikolay Georgiev

Varchev Traders

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BNP-FR: Possibility for new long positions on support levels

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