Down trend nearing support/previous resistance/fib. Price was rejected off of that demand line with increases in volume.
Due to the confluence of;
proximity to support (which was a previous resistance)
Volume increases into new low ground (SOS)
Support is also a 50% retracement, easy to see on daily
Going to wait for a pullback to resistance to go with the downtrend
or
wait for more confirmation of strength for potential long/counter-trend setup.
Training/practice*
Due to the confluence of;
proximity to support (which was a previous resistance)
Volume increases into new low ground (SOS)
Support is also a 50% retracement, easy to see on daily
Going to wait for a pullback to resistance to go with the downtrend
or
wait for more confirmation of strength for potential long/counter-trend setup.
Training/practice*