I mentioned in my weekly analysis to watch out for the 145 zone as support, my exact words were “The Sweet Spot”. This remains the case especially looking at the daily (see chart). That level is the 50.0 Fib of the last swing plus other support and we all know how Geppy loves its 50.0 Fib. However today I give you a simple squeeze play.
Here’s my squeeze play (15m chart): If PA breaks LTL (gray line) @ 146.50 zone and holds we see TP @ 145.50. However if PA breaks 147.50(UTL)and holds, we see TP 148.60. I would use a standard SL if break occurs (This is the last swing low/high on the 1m TF when the break is confirmed).
Got a better play? …let me know.
Happy Pippin.
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