FTM descending channel

by David

Looks like FTM formed descending channel now, hit 200sma on 1hr chart and it found temporary support there. Now in battle te regain former horizontal support level at 2.029. Above it is one more resistance in form of 20sma. If we break above those two resistance levels, a move-up could be expected. At least to horizontal resistance at 2.24 or even to resistance trendline of this new descending channel . Breaking above them could lead us to test 2.44 level resistance. On the other way, if not regain above 20sma we again could see a retest of 200 sma , and if that is broken, we could take a short trade, possible move down target is former resistance at 1.893 which now should be a support. Good luck traders