Here is a trade setup that I have been watching for a while, stalking to find the right entry point. There are a few technical factors taken into account as indicated on the markup and I am now almost ready to go long.
Factors that motivate this position:
1. Fibonacci level reached where price has been stalling
2. Bullish engulfing bar formed on support
3. Previous resistance now turned support
4. 21sma respected on the daily
The nail in the coffin will be the break of the trend line on the rsi capping lower highs...
I do find that many investors prefer to automate their trades due to busy schedules so I have developed my own algorithm that has been providing a reasonable return. If you have an interest in algorithmic trading, please reach out to me.
This is a trade idea based on my personal view and is not to be construed as financial advice. For educational purposes only.