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REN/USDTPERP Potential Upward Movement

REN/USDTPERP Long-Term Trend: Bullish

Key Resistance Levels: 0.59260, 0.67060, 0.80360.

Key Support Levels: 0.50575, 0.47295, 0.42015.

Daily Chart:

The price on the higher time frame managed to break the wedge formation to the upside by posting double bottom. The price is in a clear upward movement where it is traded inside a bullish channel pattern. A continuation of the upward movement is expected in the same direction of the main trend,

REN/USDTPERP Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the price is bouncing inside a bullish channel formation where a bullish engulfing pattern has been left showing that the buyers are in control. The price as well found buyers around the lower end of this channel which led to a continuation of the trend to the upside. A lower correction could be seen before the bullish impulsive wave.

Signal Idea:

Buy Limit Order @ 0.54550

TP 1 @ 0.59025

TP 2 @ 0.59260

Stop Loss @ 0.52320

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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