WEEKLY (W1)
Weekly closing @ 37'790 just slightly above the weekly clouds support level @ 37'516.
We, very often, hear "jamais 2 sans 3" and we saw the third weekly candle closing, in a row, above the bottom of the weekly clouds support area...
Ongoing price action is showing a recovery attempt within the clouds and in this weekly time frame, we have to wait the next weekly closing level which will give more clues for the next week (s)
WEEKLY PIVOTS LEVELS :
32'950
45'850
DAILY (D1)
Last daily price action triggered an additional bearish black candle which closed @ 37'790, below the former uptrend support line !
Today's ongoing recovered price action should be seen, for the time being as a CORRECTIVE PULLBACK ONLY, towards the former support trend line.
Indeed, as already mentioned, the CLUSTER of MBB, KS and TS is still the first significant resistance area (39'700-39'900) to break in order to neutralise, temporary this downward pressure, which is still alive !
Above it, the DAILY CLOUDS RESISTANCE AREA should also be clearly broken on a daily closing basis in order to reopen the door for higher levels towards the ongoing daily downtrend resistance line)
ON THE DOWNSIDE, no change in my view 37'500-37'000 as the first support area to look at, ahead of the 36'250/35'000 next support zone.
4 HOURS (H4)
In recovery mode, currently above both TS and MBB, and facing the KS resistance @ 39'201 !
Above the next resistance level will be the 38.2% Fib ret @ 39'486, ahead of the 50% Fib ret @ 40'079 (also roughly the bottom of H4 clouds resistance area !) then the 61.8% Fib ret @ 40'672 (H4 top clouds resistance zone)
On the downside, a failure to clearly break and hold on H4 closing basis above KS woul, again put the focus towards the former low around 37'500 ahead of the former daily congestion bottom @ 37'000 ahead of 36'250/35'000
KEY SUPPORT PIVOT LEVEL @ 32'950
1 HOUR (H1)
Corrective recovery from the intraday low of 37'567 towards a high so far of 39'220 (doji !) and H1 clouds in resistance !
IN THIS HOURLY TIME FRAME,WATCH THE CLOUDS (39'000-39'300) ON THE UPSIDE AND 38'600-38'400 ON THE DOWNSIDE.
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Have a nice trading week and all the best.
Take care
IRONMAN8848 & Jean-Pierre Burki
Weekly closing @ 37'790 just slightly above the weekly clouds support level @ 37'516.
We, very often, hear "jamais 2 sans 3" and we saw the third weekly candle closing, in a row, above the bottom of the weekly clouds support area...
Ongoing price action is showing a recovery attempt within the clouds and in this weekly time frame, we have to wait the next weekly closing level which will give more clues for the next week (s)
WEEKLY PIVOTS LEVELS :
32'950
45'850
DAILY (D1)
Last daily price action triggered an additional bearish black candle which closed @ 37'790, below the former uptrend support line !
Today's ongoing recovered price action should be seen, for the time being as a CORRECTIVE PULLBACK ONLY, towards the former support trend line.
Indeed, as already mentioned, the CLUSTER of MBB, KS and TS is still the first significant resistance area (39'700-39'900) to break in order to neutralise, temporary this downward pressure, which is still alive !
Above it, the DAILY CLOUDS RESISTANCE AREA should also be clearly broken on a daily closing basis in order to reopen the door for higher levels towards the ongoing daily downtrend resistance line)
ON THE DOWNSIDE, no change in my view 37'500-37'000 as the first support area to look at, ahead of the 36'250/35'000 next support zone.
4 HOURS (H4)
In recovery mode, currently above both TS and MBB, and facing the KS resistance @ 39'201 !
Above the next resistance level will be the 38.2% Fib ret @ 39'486, ahead of the 50% Fib ret @ 40'079 (also roughly the bottom of H4 clouds resistance area !) then the 61.8% Fib ret @ 40'672 (H4 top clouds resistance zone)
On the downside, a failure to clearly break and hold on H4 closing basis above KS woul, again put the focus towards the former low around 37'500 ahead of the former daily congestion bottom @ 37'000 ahead of 36'250/35'000
KEY SUPPORT PIVOT LEVEL @ 32'950
1 HOUR (H1)
Corrective recovery from the intraday low of 37'567 towards a high so far of 39'220 (doji !) and H1 clouds in resistance !
IN THIS HOURLY TIME FRAME,WATCH THE CLOUDS (39'000-39'300) ON THE UPSIDE AND 38'600-38'400 ON THE DOWNSIDE.
Do you like my analysis ?
Do you find it bring added value to your trading activity ?
If YES, please do not forget to like it and for those who do not follow me yet on TradingView, please add Ironman8848 in your following list.
Last but not least for those who do not have access yet, to TRADINGVIEW (the BEST charting application available for the moment (more than 30 millions users over the world !) please sign up in clicking on the following link :
www.tradingview.com/gopro/?share_your...
Have a nice trading week and all the best.
Take care
IRONMAN8848 & Jean-Pierre Burki
