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SXP/USDT (Futures) Potential Upward Movement

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

Key Resistance Levels: 1.2844, 1.3380, 1.3400.

Key Support Levels: 1.2333, 1.1994, 1.1774.

Daily Time Frame:

The price on the higher time frame failed to continue its move to the downside where an engulfing bullish pattern has been posted. This could lead to a reversal and then a move to the upside toward the next key resistance levels.

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

1-Hr Time Frame:

On the lower time frame, the buyers succeeded to break the bearish trend line to the upside after a double bottom formation. A lower correction has been posted to the support level to bring back liquidity before a new bullish impulsive wave toward the target profits.

Buy Market Order @ 1.2402

Target Profit 1 @ 1.2844

Target Profit 2 @ 1.3380

Stop Loss @ 1.1958

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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