The price broke the range and tried to develop a downward movement. This attempt failed, and we could see the pullback to the previous support level, which now acts as the resistance.
We can use two key local levels and the price action at them to understand the possible market movements.
If the price breaks the resistance, it will be a good signal for buyers. Of course, it does not mean that the market will be able to start a new uptrend. But at least the price moves back in the borders of the price channel. For getting a bullish signal, we will have to wait for a breakout above the upper border. It is 7400.00 resistance level.
If the price breaks the local support at 7100.00, it will give us a bearish signal. The market will be able to continue the downward movement to 6850.00 support. The breakout below 6850.00 will open a road to 6500.00 and 6000.00 support levels.
We can use two key local levels and the price action at them to understand the possible market movements.
If the price breaks the resistance, it will be a good signal for buyers. Of course, it does not mean that the market will be able to start a new uptrend. But at least the price moves back in the borders of the price channel. For getting a bullish signal, we will have to wait for a breakout above the upper border. It is 7400.00 resistance level.
If the price breaks the local support at 7100.00, it will give us a bearish signal. The market will be able to continue the downward movement to 6850.00 support. The breakout below 6850.00 will open a road to 6500.00 and 6000.00 support levels.
Comment:
Very good! The next goal for buyers - the trend line of the price channel.
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