Notice after the gaps been closed, the price action kept hovering around this price level,
making it a strong support level.
Last 2 red candles are highly bearish, pin bars and likely to falls back to the support level again.
SELL
making it a strong support level.
Last 2 red candles are highly bearish, pin bars and likely to falls back to the support level again.
SELL
Comment:
not out of the woods yet until the candle closed below the red trend line.
Comment:
beautifully executed. Now it sits in the support/buy zone. Let's wait for the end of day price action before determine if price is going to heads further south or rebound.
Comment:
Look at the candle on 3 Oct, now the price action has reached the same level , it could stage a rebound. Else, we can expect price to deteriorate and heads further south towards 74.88.
Comment:
Now this chart makes more sense when you can see the recent 1 week performance. See how strong the price action settles between 79.25 and 80.19 as the buying zone. It is now out of the bearish trend line after 5 long months. Sunny days ahead, Down Under and tomorrow, when and if the price action retrace, it would be a great buying opportunity.