BCOUSD made a bullish exit from its descending resistance line!
BCOUSD has made a bullish exit from its descending resistance turned support line where it could potentially rise to its major resistance at 76.44 (50% Fibonacci retracement, horizontal overlap resistance) after bouncing off its support at 75.20 (horizontal overlap support).
RSI (89) has made a bullish exit from its descending channel and the ichimoku cloud shows signs of downward pressure which contributes to our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) has made a bullish exit from its descending channel and the ichimoku cloud shows signs of downward pressure which contributes to our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results