Confluence of resistance above, rejected and reversed. Several channels, 200 sma, downtrend line. Blue channel may be key. June looks like a neutral to bearish month.
targets 591 , 565(50% retracement) , 540 channel 100 sma
breaking below the channel, exposes 424, 379, 338
Comments
NQunlocked
⋅
Great piece of work!
rv
⋅
thank you HamzaLeith. lets see from here..
flibbr
⋅
Good chart
rv
⋅
thank you flibbr.
johnrfraser
⋅
IMO 683 wasn't so much a rejection as a massive pump and dump...in which case it says nothing about the actual path of the commodity at this time.
It was pumped way over the line of current progress upwards and then dumped at the point where people were likely to get twitchy.
If anything this says to me that 613 is a strong line of support as it came down very very hard and it still stopped it.
I don't see why this = 'June is a bearish month'?
rv
⋅
hi John, possibly the case you say. Its just a different perspective, at the current timing..:)
i take into consideration, other factors and cross correlations, for this timeframe.
johnrfraser
⋅
Hi there, thanks for your reply.
I think I see what you're saying now that I didnt before...your middle blue trendline shows some strong resistance, suggesting the lower channel and thus the 591 initial target.
This certainly looks plausible!
rv
⋅
yes..you are welcome. on the edge. ( interesting numbers )