Price has fallen rather sharply after the test of the Weekly R1 at 11800,
a level which aligned with a longer term trendline seen on the chart.
Traders who wants to get in and wonders what to look for, one thing
can be a break of the descending channel that has been formed on the
hourly chart. Currently price is advancing back up above the Weekly
pivot point and seems to be drifting to the daily pivot point at 10170.
Current price action is not unnatural in a bullish enviroment. To see
price pull back from the Weekly R1 and the stronghold 12000 resistance
level, was expected at a first test. And even if yesterdays daily close
came in below the Weekly pp, we now see some recovery on bullish
divergence, marked on the chaiking osc. at the bottom of the chart.
Bulls can wait for a close above the Cloud on a bullish Cloud twist or
more aggressively, a break above the current minor channel. A first
intraday signal of bearish pressure relief will be a hourly close above
the pivot point and the high at 10140, which would create a higher
high. A failure by this pp the support comes in at 9400 and the
daily S1 & S/R level and ultimately the channel floor.
a level which aligned with a longer term trendline seen on the chart.
Traders who wants to get in and wonders what to look for, one thing
can be a break of the descending channel that has been formed on the
hourly chart. Currently price is advancing back up above the Weekly
pivot point and seems to be drifting to the daily pivot point at 10170.
Current price action is not unnatural in a bullish enviroment. To see
price pull back from the Weekly R1 and the stronghold 12000 resistance
level, was expected at a first test. And even if yesterdays daily close
came in below the Weekly pp, we now see some recovery on bullish
divergence, marked on the chaiking osc. at the bottom of the chart.
Bulls can wait for a close above the Cloud on a bullish Cloud twist or
more aggressively, a break above the current minor channel. A first
intraday signal of bearish pressure relief will be a hourly close above
the pivot point and the high at 10140, which would create a higher
high. A failure by this pp the support comes in at 9400 and the
daily S1 & S/R level and ultimately the channel floor.
