Price is respecting the trendline and it's currently at a point where support level and trendline are in confluence. With the formation of a dragonfly doji and series of rejection at the zone, this is an indication that buyers are ready to push price higher.
Buy at the current market price. The stop can be at N3.71 (-7.48%) below the support level. The targets are N4.50 (12.22%), N5.10 (27.18%) and N5.65 (41.40%).
Confluences for the long idea:
1. Confluence of trendline and support level
2. Dragonfly doji
3. Rejections at the key level
4. Bullish market structure
5. Price is in discount region
Disclaimer: This is not a financial advice. The outcome maybe different from the projection. Don't take the signal if you're not willing to accept the risk.
Buy at the current market price. The stop can be at N3.71 (-7.48%) below the support level. The targets are N4.50 (12.22%), N5.10 (27.18%) and N5.65 (41.40%).
Confluences for the long idea:
1. Confluence of trendline and support level
2. Dragonfly doji
3. Rejections at the key level
4. Bullish market structure
5. Price is in discount region
Disclaimer: This is not a financial advice. The outcome maybe different from the projection. Don't take the signal if you're not willing to accept the risk.
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