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SKL/USDT (Futures) Potential Upward Movement

SKL/USDT (Futures) Long-Term Trend: Bullish

Key Resistance Levels: 0.12887, 0.13480, 0.14244.

Key Support Levels: 0.12193, 0.11457, 0.11115.

Daily Time Frame:

The price on the higher time frame succeeded to break the bearish trendline to the upside after posting a double bottom. The market retraced to the support area where it left a hammer bar with a long wick to the upside. This could lead to a move higher in the coming hours.

SKL/USDT (Futures) Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the buyers to break the bearish trend line to the upside after an inverse head and shoulders formation. A lower correction could be seen to the support level to bring back liquidity before a new bullish impulsive wave toward the target profits.

Buy Market Order @ 0.12295

TP 1 @ 0.12887

TP 2 @ 0.13480

Stop Loss @ 0.11705

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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