This week offer a nice opportunity to enter in the bull run by adding in dip at 3500/3800 (check previous analysis - Tactical Horizon)
Today for those who like to trade on Saturday :) the market offer a nice Intraday buying setup - Classic school case, Impulsive move triggered from Key tactical support at 3500/3800 before shaping a nice consolidation in (channel).
Here what to understand?
In this kind of configuration there is a high probability to see a reaction from the green area (target ) without penetrating the key level in blue at 3800 (corresponding to key fibo R and E) - and the Risk/reward is also very good to try a position. The red area is the confirmation level to break to lower the risk of a second test of the target (= to touch 3800 before rising).
For very short-term set up buy now and exit in the red area, for more longer run position when the market challenged the red area adjust the stop level to the entry level and wait for exit to 4300
Else , because there is always an alternative case, breaking 3800 would give a sell signal leaning towards a new test of 3500 even lower to 3000 by penetrating the Tactical key support at 3500.
Enjoy the week end my friend
No clear view between 3680 and 3950 on intraday Basis
On Tactical Horizon as long as 3500 remains support the bullish view is still valid.