Last Friday, market sold off after Thursday's somewhat bearish close. It sold perfectly to support before an equally fast recovery. Market closed near the mid point.
Weekly chart looks bearish with price below weekly BZ. Also, looking at how the monthly candle at this point of time, my thought was that if price trades below May's low, that could trigger downside. But at the same time, we also had the Russia news over the week end which probably seem to indicate a gap down but no it did not.
Having said so much, we should see further downside today. But let's see what premarket brings. Price is now basing above PZ, thus short term wise, could see a move to 15890 and even 15924 first before a rejection; looking for a move to 15710 or so, where we look for any long opportunities. If market did not trigger the above 2 levels, look for a move below 15824, test and rejection for the move lower.
Weekly chart looks bearish with price below weekly BZ. Also, looking at how the monthly candle at this point of time, my thought was that if price trades below May's low, that could trigger downside. But at the same time, we also had the Russia news over the week end which probably seem to indicate a gap down but no it did not.
Having said so much, we should see further downside today. But let's see what premarket brings. Price is now basing above PZ, thus short term wise, could see a move to 15890 and even 15924 first before a rejection; looking for a move to 15710 or so, where we look for any long opportunities. If market did not trigger the above 2 levels, look for a move below 15824, test and rejection for the move lower.
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