Reasons for Entry:
1) We have a at previous .
2) We have a strong candle.
3) Price has been trading below the 20 period moving average for the last week or so and has finally broken through it and retested it again as support.
4) Price has been trading on the lower since this down move began and this shows that the sellers were strong but now something has changed. Price is no longer riding the lower but instead is approaching the top band with an increase in . This is a good indication that a new trend is likely to begin (check out chart below for a further explanation).
Target 1- $68.65
Target 2- $69.20
I may trail stops for target 2 depending on the strength in this move. I will be sure to keep this idea updated. Please feel free to comment below with any questions regarding the setup or to share your analysis. Thanks Traders and good luck Trading!
Target 2 was also successful. My target price for target 2 was 69.20 but I had positive slippage and was filled at 69.30! Great Trade!!