The instrument is bouncing off the strong long-term support 200 SMA on the monthly chart. This bounce of the significant support is offering us the chance for a long entry on the lower timeframes.
The H4 chart is revealing the entry point, the stop loss level, and a target. The entry point should be at this market levels, the stop loss should be below 120.24 level and the potential take profit level is the upside long-term resistance line 122.13 level. Potential profit for the one contract is around 1340$.
RR ratio 1:4
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