The market takes no particular interest in trading these days: the volume
is very low, volatility
- non-existent. No wonder nothing has happened since the previous update. Still, this anemic price behaviour suggests that the bottom might not have formed yet. There are a couple of technical bearish
- The price failed to break resistance of the descending channel combined with the moving average;
- The bounce from April 29 took the form of a 3--wave correction;
- The Inv . H&S pattern will be invalidated below 7300.
My strategy is to go short on the break of 7320 level. Key levels & bearish
targets are drawn on the chart.