Categories: Technical analysis

3M Wave Analysis 18 November, 2020

• 3M reversed from resistance level 173.00

• Likely to fall to 165.00

3M today reversed down from the strong resistance level 173.00 (which has been reversing the price from the middle of September) – intersecting with both the upper daily Bollinger Band and the upper weekly Bollinger Band.

The downward reversal from the resistance level 173.00 started the active short-term impulse wave (c) – which is a part of the ABC correction 2 from October.

3M is likely to fall further toward the next support level 165.00 (which is the bottom of the previous minor correction (a)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: 3m

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