I am seeing a bearish wedge formation forming on hourly candles. Normally, this is a continuation pattern, so I am concerned seeing this at a top. As it is usually a continuation of a downtrend, it could be signaling a market top at the uptrend. Given that we have heavy resistance a short distance away, I suspect that there will be heavy selling pressure from here. We have also had many green days in the recent past, we are due for some consolidation.
We have some support at the 7350 level, but that has been fairly weak. We have much more at the 6800-6900 level, so that is what I am targeting for my next long position.
We have some support at the 7350 level, but that has been fairly weak. We have much more at the 6800-6900 level, so that is what I am targeting for my next long position.