Yesterday price signalled lower but came back up again
and overnight in Asia we saw price drop to as low as 13000
after which it has retraced somewhat.
Current strong resistance is at the Weekly pivot point around 14800.
Dec 24 low is at 12500. Since trend is bearish at the moment on this
timeframe, as price trades below the Cloud, we may see more downside.
If price breaks and closes above the Cloud, buyers may take control
but Bulls would like to see the latest top taken out, and a close above
the Weekly Pivot point and the 15000 level, for more upside conviction.
Overall, price is moving sideways with a bearish tendency. Ultimate
downside is expected to be around the D level marked here around
12150, if price continues lower. The red line marks support/resistance
on intraday.
and overnight in Asia we saw price drop to as low as 13000
after which it has retraced somewhat.
Current strong resistance is at the Weekly pivot point around 14800.
Dec 24 low is at 12500. Since trend is bearish at the moment on this
timeframe, as price trades below the Cloud, we may see more downside.
If price breaks and closes above the Cloud, buyers may take control
but Bulls would like to see the latest top taken out, and a close above
the Weekly Pivot point and the 15000 level, for more upside conviction.
Overall, price is moving sideways with a bearish tendency. Ultimate
downside is expected to be around the D level marked here around
12150, if price continues lower. The red line marks support/resistance
on intraday.
Comment:
Price has reached target approximately around 12200. Let´s see if this level hold, maybe with a test of Daily S4 first. If it breaks down, watch out for a run at previous low, Dec 22.
Trade active
Comment:
Price came back down and has now tested the Daily S4.
Comment:
Key Reversal in place on H4 tf