FTM has recently put in some bullish price action after breaking a recent low, but at the current time this appears to be premature bullish movement. The rationale for much of this is the unspent and available liquidity sitting beneath the recent lows. FTM has been in a consolidation for a couple of week to balance out the rapid expansion higher that it had in May.
I am watching for continued rejections and smaller timeframe bearish structure at the blue resistance line drawn on the chart. If the trade presents itself, I would be looking for it to continue trading down to the recent low which is shown on chart as the black line. This target is based off of the recent lows, but also by zooming out and looking where we may expect a valid retest from this expansion leg to occur, which is slightly below the price target that we are identifying.
FTM has recently put in some bullish price action after breaking a recent low, but at the current time this appears to be premature bullish movement. The rationale for much of this is the unspent and available liquidity sitting beneath the recent lows. FTM has been in a consolidation for a couple of week to balance out the rapid expansion higher that it had in May.
I am watching for continued rejections and smaller timeframe bearish structure at the blue resistance line drawn on the chart. If the trade presents itself, I would be looking for it to continue trading down to the recent low which is shown on chart as the black line. This target is based off of the recent lows, but also by zooming out and looking where we may expect a valid retest from this expansion leg to occur, which is slightly below the price target that we are identifying.