MN price.
Ichimoku Analysis
The price is on bullish market condition started on this November on close MN bar after flat which was for this pair during the one year. Ichimoku cloud/kumo together with Senkou Span A line is located too far for the price to be reversed from bullish to the bearish market condition. Besides, Chinkou Span line is indicating strong uptrend which is similar to breakout of the price movement.
- If the price will stay above the cloud so the bullish market condition will be continuing with good possibility for secondary flat and correction.
- If the price will cross Senkou Span A line from above to below so we may see the reversal of the market condition from primary bullish to the primary bearish.
Support & Resistance Analysis
The
nearest resistance line is 98.86, and the price is crossing this level on open MN bar. The support levels for MN timeframe are 91.76 and 90.05.
- If
MN1 price will cross 98.86 resistance level on close
monthly bar so the bullish trend will be continuing for atleast the first half of 2015.
- If not so we may see the secondary flat or secondary correction within primary bullish for while 2015.
| Resistance | Support |
|---|---|
| 98.86 | 91.76 |
| n/a | 90.05 |
To make it shorter - I am expecting the secondary correction and secondary flat market condition with the primary bullish for the next year which may be good for martingale systems, for counter trend strategies and for scalping for example.
Trading Summary: bullish
If we look at patterns for MN1 timeframe so we can see bearish Retracement forming pattern:
