Index JP225: Rallying from weekly demand zone at around 1660
28th November 2016
CADJPY forex currency pair weekly supply in control, shorts can happen
29th November 2016

US stock Facebook is in a monthly uptrend with monthly demand zone created and now in control at 118.70 so there could be some longs. Now, since monthly demand does not validate as a set and forget because it does not have two to one consolidation away from the base nor does it have a strong ERC (extended range candle) as a departure which we require for set and forget levels.

So it is best to wait for new levels of daily demand to form also allowing the support of weekly engulfs and piercing patterns helps the security and strength of the trade because you have all the time frames now in confluence with you.

Weekly supply higher at around 128.14 could create some pull backs on the daily so be careful taking new entries that high in the range. Long bias on this US stock.

1_facebook_longs_demand_uptrend

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