SXPUSD- CUP AND HANDLE FORMATION - VERY BULLISH 17/3/21
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SXPUSD
Price is forming a cup and handle formation, well supported at 0.5 fib level during the last dump, forming a nice handles on daily TF
Reasons to be bullish
1) MACD green on daily
2) RSI above 50 daily
3) Above all MA on daily TF
4) Cup and handle bullish formation
Recommended entry : USD 2.8 - USD 3.05 (previous support levels) , can wait to enter after cup and handle formation at the resistance at 3.5.
Targets : Cup and handle suggested upward target at USD 5, fib levels will be around 1.5 level at USD 6.1 and 1.382 level at USD 5.8
Price closing below 0.618 fib level at 2.45 will invalidate the analysis.
Overall daily TF is showing a bullish smell on this Gem.
Price is forming a cup and handle formation, well supported at 0.5 fib level during the last dump, forming a nice handles on daily TF
Reasons to be bullish
1) MACD green on daily
2) RSI above 50 daily
3) Above all MA on daily TF
4) Cup and handle bullish formation
Recommended entry : USD 2.8 - USD 3.05 (previous support levels) , can wait to enter after cup and handle formation at the resistance at 3.5.
Targets : Cup and handle suggested upward target at USD 5, fib levels will be around 1.5 level at USD 6.1 and 1.382 level at USD 5.8
Price closing below 0.618 fib level at 2.45 will invalidate the analysis.
Overall daily TF is showing a bullish smell on this Gem.
Note
Price section breakout respecting to the analysis, expecting to hit targets in the coming days.Note
We need to hold above USD 3.6-3.8 area for bullish continuation pattern, resistance flip as support.
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