Support: 12,450
Resistance: 12.900
We are currently forming a wedge (be aware of fake break-outs which happened a lot lately).
The support is derived from May/ June/ September 2019 (Resistance) as well as from June/ July 2020 (Support). If this support breaks down we might see 12,300 and 11,800 next.
It seems that the upside is currently limited by 12,900 which served as a resistance in 2017 and 2019 of the left and right shoulder of the HS-pattern respectively. In addition the 12,900 served as a support in 2019 (trumpet pattern) and might now turn again into a major resistance.
Take care!
FYI: I just saw that I have moved yesterday's support rectangle also up to 12,450. I will adjust it to 12,300. Sorry for the inconvenience!
Resistance: 12.900
We are currently forming a wedge (be aware of fake break-outs which happened a lot lately).
The support is derived from May/ June/ September 2019 (Resistance) as well as from June/ July 2020 (Support). If this support breaks down we might see 12,300 and 11,800 next.
It seems that the upside is currently limited by 12,900 which served as a resistance in 2017 and 2019 of the left and right shoulder of the HS-pattern respectively. In addition the 12,900 served as a support in 2019 (trumpet pattern) and might now turn again into a major resistance.
Take care!
FYI: I just saw that I have moved yesterday's support rectangle also up to 12,450. I will adjust it to 12,300. Sorry for the inconvenience!
Comment:
This chart (daily) might give a better overview of the current situation. We try to find support at the SMA 100 (daily; 12,450).
