HEXO Local S/R Zone| Daily S/R| .382 Fibonacci| Price Action

Evening Traders,

Today’s analysis – HEXO- impulsive break above key Local S/R Zone where a back test is probable,

Points to consider,
- Price Action Impulsive
- Local S/R Support
(.382 Fibonacci Confluence)
- Daily S/R Resistance
- Oscillators Bullish Control Zone
- Volume Influx

HEXO’s immediate price action is impulsive towards a key trade location, the Local S/R Zone that is in technical confluence with the .382 Fibonacci, this allows for a bullish bias.

The Daily S/R has acted as resistance; price action taking this level out will increase the probability of a trend continuation.

Both oscillators are trading in their respective bullish control zones, remaining in these regions is indicative of strength.

There has been a volume influx, marking a true break, follow through is critical for momentum to be sustained.

Overall, in my opinion, HEXO is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps

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And remember,

Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone