by Seth Parker on November 7th, 2018

WAX Analysis – iH&S is still in play

Technical part of today’s content starts with the analysis of WAX, which was previously analysed here on the 23rd of October. Back in that day, the price was having a bearish pull-back after the breakout of the major neckline. That local drop was nothing special and we still were positive about the future:

„That brings us to today’s session. Yes, the drop was expected as this is a normal pull-back. Despite the price falling 8% today, the sentiment remains positive and we should see the continuation of the upswing. „

wax chart

Our prediction was totally on point! The price indeed went higher. Not straight away though. The pull-back lasted for few days but the inverse head and shoulders pattern won and buyers took control over the market. November welcomed us with the highest levels since the beginning of August. Current resistance is the psychological barrier on the 0.1 USD. In my opinion, bulls should be able to break it soon. Our outlook will remain positive as long as the price will be making higher highs and lows.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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