Yesterday I mentioned $9,200 as an important area of resistance due to the 0.236 FIB retracement. The bulls made a strong push with market buys but were unable to break through that level.
Now we have a shooting star that should cause us to turn back and retest $8,800. If that holds then I would be optimistic about breaking through $9,200 on the next rally. If that doesn’t hold then I will be looking out below.
I am still staying away and recommend others do as well. I will be closely watching the areas below for further confirmation before re entering.
(1) 0.236 Fib resistance at $9,200.
(2) Linear bear trend anywhere from $9,500 - $10,000
(3) Death cross on 50/200 day SMA (1 day chart) - Expect this to be approaching in the next 2-3 days.
Happy trading and like/comment/follow!
Now we have a shooting star that should cause us to turn back and retest $8,800. If that holds then I would be optimistic about breaking through $9,200 on the next rally. If that doesn’t hold then I will be looking out below.
I am still staying away and recommend others do as well. I will be closely watching the areas below for further confirmation before re entering.
(1) 0.236 Fib resistance at $9,200.
(2) Linear bear trend anywhere from $9,500 - $10,000
(3) Death cross on 50/200 day SMA (1 day chart) - Expect this to be approaching in the next 2-3 days.
Happy trading and like/comment/follow!
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