QFE Daily S/R| Swing High| Price Action| Volume Influx

Evening Traders,

Today’s analysis – QFE- Trading above its Daily S/R where a back test is probable,

Points to consider,
- Price Action Impulsive
- Daily S/R Support
- Local S/R Resistance
- .382 Fibonacci
- Oscillators Neutral
- Strong Volume Influx

QFE’s immediate price action is impulsive, trading at key trade location that has technical confluence with the Daily S/R and the .382 Fibonacci, this allows for a bullish bias.

The immediate objective is the Local S/R, exceeding this level will increase the probability of a trend continuation.

Both oscillators are trading neutral, maintaining there respective bullish control zones will indicate strength in the market.

There has been a strong volume influx, bull volume follow through is highly important for continuation.

Overall, in my opinion, QFE is a valid long with defined risk, price action is to be used up[on discretion/ management.

Hope this analysis helps,

Thank you for following my work

And remember,

“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas