Downtrend on D and W, 89days
26day Consolidation, oct 27-nov 22 before continuing down
Daily Time Frame:
Looks like price bounced off a prev s/r level around 2730
Confirmed prev. s/r @2731 (small support on may8-9. small resistance. feb26)
Possible resistance spotted around 3200
Resistance confirmed @3227 with FibR Confluence @ .618 which also acted as a recent support and resistance during a Consolidation phase lasting 25 days between Oct 27 and Nov21
Recent FibR Support @ .5 (nov22) and @ .382 (Nov23) which could act as possible future resistance levels
Reaction to FibR Support @ .236 and prev support @2731 (May8-9) with confluence
Possible resistance spotted @.5fibR, 2815 and a Spinning Top bounce off 2731 prev. support line
Confirmed with previous support (may 10) and prev resistance (Feb26)
Currently below the previously proposed resistance @2815 and moving up to test, Waiting to see if it closes above @2815
4hr Time Frame:
@2731 Support holds on shorter time frame. May 8-9 support invalidated. Feb 26th Resistance holds. Confluence @.236,2729. Confluence @.382,2778 with resistance @.5,2815
S/R @2874 fibR @.236 holds
Inverted Hammer(s) noticed on the 4hr right above @2731 support
Under-bought on the Inverted Hammer @36rsi
No 4hr RSI Divergence observed
Wick cross above 20EMA resistance. Currently @.382,2778
Decision:
Waiting for Dclose over ps/r @2810 or 4hrclose @.5,2815 before going Long
If it closes below @.382,2776 then short
Notes:
Hangman 8 days ago with bearish Divergence
Short term trend reversal (7days) before continuing down with Macro Downward trend
26day Consolidation, oct 27-nov 22 before continuing down
Daily Time Frame:
Looks like price bounced off a prev s/r level around 2730
Confirmed prev. s/r @2731 (small support on may8-9. small resistance. feb26)
Possible resistance spotted around 3200
Resistance confirmed @3227 with FibR Confluence @ .618 which also acted as a recent support and resistance during a Consolidation phase lasting 25 days between Oct 27 and Nov21
Recent FibR Support @ .5 (nov22) and @ .382 (Nov23) which could act as possible future resistance levels
Reaction to FibR Support @ .236 and prev support @2731 (May8-9) with confluence
Possible resistance spotted @.5fibR, 2815 and a Spinning Top bounce off 2731 prev. support line
Confirmed with previous support (may 10) and prev resistance (Feb26)
Currently below the previously proposed resistance @2815 and moving up to test, Waiting to see if it closes above @2815
4hr Time Frame:
@2731 Support holds on shorter time frame. May 8-9 support invalidated. Feb 26th Resistance holds. Confluence @.236,2729. Confluence @.382,2778 with resistance @.5,2815
S/R @2874 fibR @.236 holds
Inverted Hammer(s) noticed on the 4hr right above @2731 support
Under-bought on the Inverted Hammer @36rsi
No 4hr RSI Divergence observed
Wick cross above 20EMA resistance. Currently @.382,2778
Decision:
Waiting for Dclose over ps/r @2810 or 4hrclose @.5,2815 before going Long
If it closes below @.382,2776 then short
Notes:
Hangman 8 days ago with bearish Divergence
Short term trend reversal (7days) before continuing down with Macro Downward trend
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.