TNA
From 91.76 support TNA managed to climb 19% to yesterday’s highs at 108. We have had 108-114 as targets areas for about one month in our books and we have been trading the long side based on the micro patterns.
The question we ask now is, should we be chasing the last squiggle to 113.46 or 5% more in the upside? The answer depends, ideally we should get a pullback to 102.88-103.38 as seen here (link), in case we have this micro pullback, stop for any trade entered at 103 area should be 100.30 with potential target at 110.45-113.45 and this is a decent risk reward. In any other case we are reluctant to chase a 5% move to the upside, simply because if market starts to correct, standard retraces for support are 87.35-80.42 and this move has been so fast that from here to 98.76 there is only air to support a correction.
For any trade chasing 113.46-114, hard stop should be 106.25
