Update from yesterdays analysis:
looks like I can tell the future at this point, my analysis was spot on again. I predicted a test back up to the 3900 level (my green price target) to close the CME gap and the potential gains was easily a 5% trade (which I took!!) price touched the target to close the gap and no more. we then spent the rest of the day slowly breaking my support levels to this point now.
I am still patiently awaiting a test of my bottom yellow line (if we actually get there), price look bearish but there is still a lot of buying pressure at these levels, clearly people are loading up here so to break down below 3610 will bet extremely difficult. I still stand by my statement yesterday, price between my yellow line is a buy with a tight stop loss. it is letting indicators reset for a big pump up, even if we will see further downside price is 9% down from the previous high
the red rising support line isn't very significant but price is struggling to close a candle below this level and after a day of making lower highs we are still making higher lows, which means we are closing up to a breakout of this channel. a volatile move is coming.
things to look out for:
- price holding the red trend line
- break up and test 3838 to make a new higher high showing a change in short term trend
- break below the red trend line, to 3650, 3610
looks like I can tell the future at this point, my analysis was spot on again. I predicted a test back up to the 3900 level (my green price target) to close the CME gap and the potential gains was easily a 5% trade (which I took!!) price touched the target to close the gap and no more. we then spent the rest of the day slowly breaking my support levels to this point now.
I am still patiently awaiting a test of my bottom yellow line (if we actually get there), price look bearish but there is still a lot of buying pressure at these levels, clearly people are loading up here so to break down below 3610 will bet extremely difficult. I still stand by my statement yesterday, price between my yellow line is a buy with a tight stop loss. it is letting indicators reset for a big pump up, even if we will see further downside price is 9% down from the previous high
the red rising support line isn't very significant but price is struggling to close a candle below this level and after a day of making lower highs we are still making higher lows, which means we are closing up to a breakout of this channel. a volatile move is coming.
things to look out for:
- price holding the red trend line
- break up and test 3838 to make a new higher high showing a change in short term trend
- break below the red trend line, to 3650, 3610
