Today, we are going to look at the weekly and daily time frames.
WEEKLY (W1) :
Last week price action triggered a long black (bearish) candle with its closing level @ 46'705, just above the
bottom of the sideways trading range of 46'650-50'500 mentioned in my previous analysis.
Moreover, the Lagging line is approaching the Kijun-Sen and a cross under this line (on a weekly closing basis, at the end of the ongoing week) would
be an additional information, calling for lower levels !
RSI below 50 @ 45.73.
Global picture is negative with focus now on weekly clouds support area which are between 45'200 and 37'000
On the upside, in this time weekly time frame, the 48'800 level should still be seen as the first significant resistance to break, which would neutralise, for the time being, this ongoing downside risk.
DAILY (D1)
In an ongoing downtrend channel following the failure to clearly recover (on a daily basis) above TS, currently @ 48'140; as long as we stay (closing basis) below that level, the risk will remain to the downside, calling for
lower levels towards the 42'000 area first; below the psychological 40'000 should then act as the next support level.
On the upside, watch MBB (currently @ 49'500), which should be seen as an important key pivot level for further development (BULLISH ABOVE AND BEARISH BELOW !)
Have a nice trading week and all the best.
Take care
Ironman8848 & Jean-Pierre Burki
WEEKLY (W1) :
Last week price action triggered a long black (bearish) candle with its closing level @ 46'705, just above the
bottom of the sideways trading range of 46'650-50'500 mentioned in my previous analysis.
Moreover, the Lagging line is approaching the Kijun-Sen and a cross under this line (on a weekly closing basis, at the end of the ongoing week) would
be an additional information, calling for lower levels !
RSI below 50 @ 45.73.
Global picture is negative with focus now on weekly clouds support area which are between 45'200 and 37'000
On the upside, in this time weekly time frame, the 48'800 level should still be seen as the first significant resistance to break, which would neutralise, for the time being, this ongoing downside risk.
DAILY (D1)
In an ongoing downtrend channel following the failure to clearly recover (on a daily basis) above TS, currently @ 48'140; as long as we stay (closing basis) below that level, the risk will remain to the downside, calling for
lower levels towards the 42'000 area first; below the psychological 40'000 should then act as the next support level.
On the upside, watch MBB (currently @ 49'500), which should be seen as an important key pivot level for further development (BULLISH ABOVE AND BEARISH BELOW !)
Have a nice trading week and all the best.
Take care
Ironman8848 & Jean-Pierre Burki
