Belt holds (Previous week Candle) are often important pivotal candles, since high and low occasionally act as support and resistance areas in subsequent price action. The halfway point of the real body (in the current case ~96.70) of a belt hold also should be monitored for a possible price reversal during a price swing.
i) This week an indecisive Spinning top has formed after last week's Belt- Hold line (Yorikiri) candle.
ii) This move had a confluence with 0.786 retracement of the previous bearish move
iii) This also had a confluence with upper edge of rising channel.
iv) The Momentum indicators are showing diminishing of momentum on 4H.
i) This week an indecisive Spinning top has formed after last week's Belt- Hold line (Yorikiri) candle.
ii) This move had a confluence with 0.786 retracement of the previous bearish move
iii) This also had a confluence with upper edge of rising channel.
iv) The Momentum indicators are showing diminishing of momentum on 4H.