SRM has been trading inside this channel for quite some time now. Zoom out for the full picture. This trade is based on the idea that SRM will continue to follow this channel in the near future. The expectation is that SRM will continue bleeding until it reaches the channel support area, which I specified around 5.10, the entry line. After hitting the channel support, SRM should continue its way up again.
Before entering this trade wait for the price to touch the Entry line.
On the chart I’ve marked two potential areas of resistance, R1 and R2. These areas are based on recent swing highs and round numbers. Do your own due diligence.
Happy trading!
Before entering this trade wait for the price to touch the Entry line.
On the chart I’ve marked two potential areas of resistance, R1 and R2. These areas are based on recent swing highs and round numbers. Do your own due diligence.
Happy trading!
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